Citic posts annual profit decline due to troubled iron ore mining project

Citic, the mainland’s largest state-backed conglomerate, posted a 17.8 per cent drop in net profit for last year on the back of a HK$13.7 billion asset impairment charge on its much delayed iron ore mining project in Australia, which has seen considerable cost overruns.

via South China Morning Post - Business feed http://ift.tt/1FxYsEb