Jiangxi Wannianging Cement profit declines, China

Jiangxi Wannianging Cement has posted an 82.33 per cent drop in net profit for the first nine months of 2012 on the back of lower sales volumes and prices.

For the nine months to September, net profit was CNY74.12m (US$11.9m) while operating revenues fell 22.44 per cent YoY to CNY3.19bn.

For the third quarter alone, operating revenue fell 23 per cent YoY to CNY1.183bn while net profit plunged 86.77 per cent to CNY16.24m.

The company attributed the decline in profits to a drop in sales volumes and lower prices.