China Shuangji Cement, a leading producer in the Shandong and Hainan provinces of China, announced its financial results for the fiscal year ended December 31 2009.
Total revenue declined slightly to US$54m from US$56.4m in fiscal 2008. Gross profit was down to US$7.3m from US$7.7m YoY. Operating expenses fell by 1.4% to US$1.27m, down from US$1.29m in fiscal 2008.
Mr. Wenji Song, chairman and president of China Shuangji Cement, Ltd., commented, “Despite a challenging economic environment and the closure of our Zhaoyuan facility, which impacted our results for 2009, we were able to maintain our solid footing and position ourselves for increased producing capacity in 2010 to take advantage of the excellent long-term prospects for our industry. Our results for fiscal 2009 reflect our continued effort to reduce our costs and maximize value for our shareholders. Increased sales from our new facility in Longkou, which has an upgraded capacity of 500,000t, helped to offset our decline in sales as we built our new 1Mt cement plant outside of Zhaoyuan City to replace our old Zhaoyuan plant.”
Mr Song added: “We believe that our track record of providing strong historical growth, combined with industry consolidation among stronger companies, such as China Shuangji Cement, will lead to significant increases in revenues and profits as our new production capacity comes online.”