Anhui Conch 1Q net profit up 36 per cent

Chinese cement producer Anhui Conch Cement said Sunday its first-quarter net profit rose 36 per cent from the same period last year on an increase in capacity and stable sales growth.

Hong Kong- and Shanghai-listed Anhui Conch said in a statement its net profit rose to 212.59m yuan (US$27.56m) for the three months ended March 31, from CNY156.64m in the year-earlier period, based on Chinese accounting standards. Revenue for the period rose to CNY3.57bn from CNY2.93bn. The company said earlier it expects demand for cement to grow this year, buoyed by construction projects in China’s rural areas and the building of intercity railways in the eastern and southern regions of the country.