China’s Anhui Conch H1 net profit up 34 per cent
Anhui Conch Cement Co Ltd reported unaudited net profit of CNY1.01bn for the first half this year, up nearly 34 per cent from the CNY756.15m achieved a year earlier, under Chinese accounting standards.
Under international accounting standards, the first-half net profit stood at CNY1.03bn against CNY762.63m a year earlier, the company said in a statement filed with the Shanghai stock exchange over the weekend.
Anhui Conch attributed the strong earnings growth to improved product structure, higher product prices and robust sales, although overall costs increased 2.91 per cent mainly due to rising prices of coal and electricity.
In the six months to June, Anhui Conch achieved core business revenue of CNY8.35bn, up 11.3 per cent from CNY7.50bn posted a year ago, while operating profit rose 34.4 per cent to CNY1.23bn from CNY913.10m.
Earnings per share stood at CNY0.64, up 39 per cent from CNY0.46 posted a year ago.
At the end of June, the company had total assets of CNY25.66bn against CNY22.86bn a year earlier.
The company, which is listed in both Shanghai and Hong Kong, expects cement prices to maintain their uptrend in the second half the year.
Published under Cement News
