China's Sinoma profit falls as turnover climbs

China National Materials Co Ltd, Sinoma Group (China), has reported mixed results for the first six months of 2013. While turnover over the period moved ahead 6.9 per cent to CNY21.8bn (US$3.6bn), net profit for the period fell 38.8 per cent to CNY101.2m (US$93.9m) from CNY165.3mn a year earlier.

The company's cement production division recorded revenues of CNY10.322bn (US$1.686bn), up 15.2 per cent YoY, which was mainly due to the increase in sales volume resulting from the commissioning of newly built plants.

The cement equipment and engineering services division recorded a decline in revenues of 6.73 per cent to CNY9.303bn (US$1.520bn) for the 1H13, as this division saw lower levels of activity. The new order intake for the first half of the year, however, soared to CNY22.604bn (US$3.694bn), of which CNY14.811bn (US$2.420bn) came from overseas markets.