Wannianqing Cement expects 2010 profit to double

Wannianqing Cement expects 2010 profit to double
Published: 14 December 2010

Chinese producer, Jiangxi Wannianqing Cement, expects to record a 100-150 per cent YoY increase in its net profit for 2010 to between CNY132m (US$19m) and CNY165m, reports China Securities Journal, citing a company filing.

Earnings per share (EPS) is expected to range from between CNY0.33 and CNY0.42.

The company expects to generate a net profit of between CNY149m and CNY182m in the fourth quarter, an increase of between 229 per cent and 302 per cent YoY.

For the first three quarters, the company recorded a loss of CNY17.25m.

The company attributes the gains to an expansion of output, greater demand for cement and increased prices.