West China Cement first-half profit rises

West China Cement first-half profit rises
Published: 27 August 2010

West China Cement Ltd posted on Thursday a net profit of CNY 362.8m (US$53.4m) for the first half of 2010, up from CNY140m a year earlier, and some 18.2% higher than the company’s projections.

This translated into earnings per share of CNY0.11, up from CNY 0.04.

The cement producer completed its HK$1.28bn (US$165m) listing in Hong Kong on August 23, 2010, selling 823 million shares.

Gross profit margin for the first six months of 2010 declined slightly to 39.1% from 39.6% a year before.

Revenue more than doubled to CNY 1.21bn from CNY 574.7m, as sales volumes rose on the back of the company’s expansion into new markets.

West China Cement sold around 4Mt of cement during the first half of 2010, up 104.6% on the year.