West China Cement FY pretax profits double, considering new plant in Shaanxi
West China Cement Ltd said its full-year pretax profit more than doubled on a 29 per cent sales hike, and said it is considering building a new plant in Shaanxi province.
The company, which listed on AIM in December via a UK£22m fundraising, reported a pretax profit of CNY86.30m in the year ended Dec 31 compared with CNY40.02m the last year, as sales rose to CNY307.32m from CNY238.24m.
The company added that it is well-positioned to benefit from the increasing consolidation in the cement market in China, the world’s largest cement producer.
"Over recent years, Shaanxi Province... has recorded stronger GDP growth than the national average and there is little competition from producers in other provinces due in large part to high transportation costs," it said, supporting the location of its proposed new plant. Published under Cement News
