Jidong Cement's 1H12 profit down 85 per cent

Tangshan Jidong Cement Co Ltd, a construction materials manufacturer and distributor based in Tangshan, Hebei province, has announced its net profit attributable to shareholders plunged 85.05 per cent YoY to CNY112m (US$17.6m) in 1H12.

In the first six months of this year, Jidong Cement saw its operation revenue decreased 10.68 per cent from a year earlier to CNY6.38bn. Basic earnings per share were CNY0.08 for the period.

In the reporting period, the company produced 25.96Mt of cement and 23.69Mt of clinker, up one per cent and down five per cent YoY, respectively.

Meanwhile, the sales of cement and clinker dropped six per cent YoY to 30.73Mt in the six-month period. The company expects its net profit for the third quarter of this year at about CNY710.24m, compared with the CNY1.42bn it realised in the corresponding period of last year.