(Yicai Global) Aug. 20 -- China Aviation Lithium Battery, a company that specializes in lithium iron phosphate batteries, has reported a CNY59.9 million (USD8.73 million) impairment loss for the first half due to lower product prices after the Chinese government revised its subsidy policy.

The headline figure breaks down into losses of CNY1.4 million on raw materials, CNY9.8 million on unfinished products and CNY48.7 million on finished products, CALB's Chengdu-based parent Sichuan Chengfei Integration Technology said in a statement yesterday.

Due to higher technical standards the government set in February, some batteries that Luoyang-based CALB used for passenger cars and special vehicles can now only be used for energy storage and other purposes, with the price of such products falling sharply, the statement said.

Editor: Emmi Laine