Chinese producers report declines in net profit

Three China-based cement producers have reported declines in net profit and operating revenue for 2012.

China Shanshui Cement reported a 31.8 per cent decline in net profit to CNY1.52bn during the year. Operating profit slid 4.2 per cent YoY to CNY16.16bn, with basic earnings per share of CNY0.54.

United Cement Group Corp, a centrally government-run cement company, saw a 65 per cent drop in net profit for 2012 to HK$26.83m while operating revenue was down three per cent YoY to HK$705m. During the year the company sold 2.41Mt of cementitious products, an increase of 19.2 per cent.

Meanwhile, Fujian Cement saw net profit plummet 76.9 per cent in 2012  to CNY28.78m. Operating profit was down 13.69 per cent to CNY1.62bn, with basic earnings per share of CNY0.075m. Fujian Cement expects to earn CNY2.23bn in operating revenue this year.