Anhui Conch Cement said yesterday that its net profit dropped 43.64% YoY to CNY1.25bn in the first quarter of this year, due to falling cement prices and rising production costs.
Operating revenue was CNY8.86bn in the first three months, 4.9% less than in the same period of 2011. Cement sales, however, rose 10.3% YoY to 33Mt in the first three months, but its average sales price fell 13.8% YoY (7% QoQ) to CNY268/t.
Earlier the company reported a net profit of CNY11.59bn for last year, reflecting growth of 87.8% YoY. Operating revenue jumped 40.99% YoY to CNY48.65bn.