Shenyang Public Utility Holdings says it will be reporting a loss for the first six months, blaming government measures to cool the mainland's economy. The central government has tried to curb lending to several key sectors - including property, steel, aluminium, cement and vehicles - to prevent them overheating. While official data has yet to show that the measures have had much impact on property investment or prices, some companies are concerned their bottom lines may deter stock market investors already cautious about the sector. Shenyang Public Utility's H shares have plummeted 44.69 per cent since hitting a 20-month high of $1.32 in February. They closed on Friday at 73 cents. The former water supplier-turned-property developer and investor said in a statement to the stock exchange at the weekend that contribution from the development and sale of properties in the six months to June 'wasn't significant'. Property projects being developed by the group had yet to contribute to turnover, it added. Other drags on the bottom line included amortisation of goodwill arising from the acquisition of a subsidiary earlier this year - and the substantial increase in bank borrowing to pay for that acquisition and business development. 'As a result, the group has recorded a significant increase in finance costs for the first half,' the company said. Last year Shenyang Public Utility reported an 81 per cent drop in profit to 17.83 million yuan. Finance costs surged to 6.02 million yuan from 2.28 million yuan. The company will publish its unaudited consolidated six-month results at the end of the month.