China Anhui Conch Cement ’06 Net CNY1.48bn
Anhui Conch Cement Co, China’s largest cement producer by output, Friday said its 2006 net profit almost quadrupled from a year earlier, helped by sales growth in rural areas and an increase in exports.
The company posted net profit of CNY1.48bn for 2006, up from CNY385.8m in 2005, under international accounting standards.
The result was higher than an average forecast of CNY1.1bn from 15 analysts polled by Dow Jones Newswires.
Earlier this year, the company said it expects its 2006 net profit more than doubled from a year earlier, after strong earnings in the January-September period.
Under Chinese accounting standards, the company’s net profit last year was CNY1.43 billion, compared with CNY406.9 million the year before, while its 2006 revenue rose to CNY15.25 billion from CNY10.83 billion.
Analysts expected the company to benefit from consolidation in the cement sector. Beijing said last year it would revamp the inefficient sector with new rules intended to cut the number of companies to 2,000 from 5,000 by 2020.
Published under Cement News
