Tangshan Jidong Cement Co Ltd said its first-quarter net profit soared to 12.19m yuan against 0.57m a year earlier, on the back of contributions from two of its units, which were recently put into operation.
The company’s Panshi and Sanyou cement units posted a net profit of 9.39 mln yuan and 4.97 mln yuan respectively in the first three months. The two units were still under construction last year. The listed cement maker recorded a core revenue of 263.66m yuan in the first quarter, up 53.94 per cent from a year earlier.
However sales and output were lower in the first quarter due to a seasonal slowdown in demand. The company did not provide any figures. The company said the second and third quarters are the peak season for its cement sales, and its full-year profit heavily relies on those two quarters.