Asia Cement (China) net profit falls 70%

Asia Cement (China, a subsidiary of Taiwan-based Asia Cement, has reported a drop in annual net profit and revenue due to declining prices.

The company posted net profit of CNY395m (US$63.71m) in 2012, down 70.53 per cent YoY while revenues were down 18.55 per cent from a year earlier, reflecting a fall in prices.

Cement production totaled 2.85Mt while cement sales reached 22.71Mt, the company said. The company sold 3.8 Mt of cement in the Nanchang-Jiujiang district of Jiangxi Province, accounting for 31 per cent of the district's total cement sales in 2012, while the company took a 27 per cent share of the Wuhan market in Hubei Province, selling 5Mt there last year.

Asia Cement said it aims to boost production capacity in its production line in Jianxi Province in an effort to boost its production to 30Mta.