Huaxin Cement profits up 58% in 2008, China

Huaxin Cement profits up 58% in 2008, China
Published: 11 March 2009

Huaxin Cement Co, in which Holcim holds a 39.88 per cent stake, posted a 58 per cent jump in net profits in 2008, boosted by increased sales.

Its net profits rose to CNY460m (US$67.25m) last year, on sales of CNY6.34bn, up 33 per cent from a year earlier, the company said in its earnings report on Wednesday.

The Shanghai-listed company sold 27.88Mt of cement in 2008, up 20 per cent from a year earlier.

Huaxin aims to sell 33.59Mt of cement this year while sales revenue is expected to increase 40 per cent, the company said.

The company plans capital expenditure of CNY4.29bn to upgrade and build new plants this year, and part of the fund is likely to be raised from the capital markets, the Hubei-based cement maker said.