Anhui Conch, China’s largest cement producer by output, announces its first-half net profit rose 46% from a year earlier on strong sales volume growth and cement prices.
Hong Kong and Shanghai-listed Anhui Conch said in a statement its net profit in the six months ended June 30 was CNY1.30bn, up from CNY895.3m in the same period last year.
Its first-half revenue rose 22% to CNY10.20bn from CNY8.36bn.
The rise in net profit was partly due to lower tax expenditure and an increase in investment income, according to the company.
Anhui Conch said it expects the cement price to be stable or higher in the current half year due to rising costs and demand.
’Looking to the second half of the year, effective control of the company’s production costs will assure us of delivering sound results for the year,’ the cement producer said in the statement.
In addition, Anhui Conch said it will accelerate the construction of its projects across China and focus on boosting sales in the western part of the country during the rest of this year.