Jianfeng Group & Wannianqing Cement Receive Dividends

Jianfeng Group & Wannianqing Cement Receive Dividends
Published: 21 December 2010

Zhejiang Jianfeng Group and Jiangxi Wannianqing Cement received dividends of CNY31.56m (US$4.7m) and CNY42.32m respectively from Nanfang Cement, reports Shanghai Securities News, citing filings by both companies.

Nanfang Cement has a registered capital of CNY3.5bn, of which Jianfeng Group contributed CNY105m for a three per cent stake while Jiangxi Wannianqing Cement contributed four per cent.

Jianfeng Group reported a net profit of CNY40.3m for the first three quarters. Net profit for 2009 hit CNY73.9m.

Jiangxi Wannianqing Cement estimates that 2010 net profit will surge by between 100 percent and 150 percent to between CNY132m and CNY165m. Earnings per share (EPS) is expected to be between CNY0.33 and CNY0.42.

The company predicts net profit for the fourth quarter to surge 229-302 per cent to CNY149-182m.