Citic Pacific shares drop amid fears over losses at iron ore project

Citic Pacific saw its share price drop 5.5 per cent yesterday after analysts slashed profit estimates, following disappointing annual results and amid concerns that the company's Australian iron ore mining project will record more losses.

On Thursday, the Hong Kong flagship of the state-owned Citic Group posted a net profit of HK$6.95 billion, 10 per cent less than the average estimate of analysts polled by Thomson Reuters.

via Business feed http://www.scmp.com/business/companies/article/1167502/citic-pacific-shares-drop-amid-fears-over-losses-iron-ore-project