Anhui Conch - August 2016
Anhui Conch has reported a 28.8 per cent fall in profits in 1H16, compared to the same period last year. Intense competition and overcapacity have been blamed for the decline, taking profit to CNY3.4bn (US$506m). Revenue also fell, slipping marginally by one per cent to CNY24bn (US$3.6bn). Sales volumes, however, were up by 11 per cent YoY at 128Mt while costs tumbled by 13.7 per cent, driven by lower raw materials, power and labour prices, leading to a 3.6 per cent boost to the company’s market share.
