China: Anhui Conch reports rise in 1Q profit

China: Anhui Conch reports rise in 1Q profit
Published: 28 April 2010

Anhui Conch, China’s largest cement producer by output, said Tuesday its first quarter 2010 profit rose 94% from a year earlier due to higher product prices.

The company said in a statement its net profit for the three months ended March 31 was CNY792.3m (US$116m), up from CNY408.94m a year earlier, according to Chinese accounting standards.

Revenue rose 18 per cent to CNY6.07bn from CNY5.15bn a year earlier.

In March, Conch said its 2009 net profit rose 34 per cent due to increased sales and lower production costs. The company raised its capital spending 25 per cent to CNY10bn for 2010 as it plans to construct more cement and clinker lines to meet growing domestic demand.