Tangshan Jidong Cement Co Ltd said its 2004 net profits fell 2.93 per cent from a year earlier to 142.99 mln yuan due to increased costs from coal, power and transportation. The firm said in its annual report that the average coal price in 2004 rose to 309 yuan per tonne from 218.32 yuan in 2003. Electricity prices also increased by 0.02 yuan per kilowatt hour. As a result, the company’s cement production costs rose by 10.14 yuan per tonne from a year earlier to 157.92 yuan. The company said that transportation costs also rose following the government’s measures last year to crack down on overloaded highway transport.
The company produced 8.23Mt of cement, and sold 7.52Mt in 2004, up 39.56 per cent and 28.3 per cent year-on-year, respectively. Total revenue rose 28.76 per cent year-on-year to 1.83bn yuan in 2004 from 1.42bn a year earlier. Earnings per share fell to 0.15 yuan last year from 0.17 yuan.
Total assets were valued at 5.47bn yuan as of end-2004, up 15.14 per cent from 4.75bn a year earlier.