Anhui Conch Cement Co Ltd, the biggest cement producer in Asia by output, announced Monday that its net profit surged 179.69% YoY in the first quarter of this year, driven by rising cement prices.
The company said in a statement that the net profit for the first three months of this year, based on Chinese accounting rules, was CNY2.22bn, up from CNY792.3m in the same period of last year.
Basic earnings per share were CNY0.63 during the period. The company’s operating revenue jumped 53% year on year to CNY9.31bn in the first quarter.
In 2010, Anhui Conch Cement saw its net profit increase 74.12% year on year to CNY6.17bn, helped by increases in both cement prices and sales volume. Operating revenue grew 38.04% year on year to CNY34.51bn in 2010, China Knowledge reported earlier.