Jiangxi Cement expects marked rise in 1Q net profit

Jiangxi Cement expects marked rise in 1Q net profit
Published: 08 April 2011

China-based Jiangxi Wannianqing Cement Co Ltd said yesterday that it expected its net profit for the first quarter of this year to surge to between CNY80m-90m (US$12m-13.7m) . The company said in a statement that the figure was 20.64 times to 23.32 times more than the CNY3.7m in the same period of 2010.

The cement producer attributed to robust growth in net profit to a share increase in cement price and an expanded production capacity. Jiangxi Wannianqing Cement said earlier that its net profit skyrocketed 131.91% YoYr last year.

The company realised CNY3.85bn in revenue in 2010, surging 34.26% YoY, according to an earlier report from China Knowledge.