Anhui Conch Cement Co. Ltd. nearly tripled net earnings in the third quarter as robust global demand pushed up prices of its product despite Beijing’s efforts to discourage overzealous construction.
China’s largest cement maker said on Tuesday it had net profit of CNY333.76m (US$42.37m) for the three months ended September, up 180 per cent from CNY119.20m a year ago, based on Chinese accounting standards.
Core revenue climbed 46.8 percent to CNY3.93bn.
China’s government, fearful its economy would overheat, has been trying to cool investment to prevent a future glut in capacity and push a more consumption-driven economy.
But Anhui Conch said new rural and urbanisation construction projects sparked an increase in demand.
The firm sold 19.79Mt of cement and clinker during the three-month period, up about 39 per cent.