China: Anhui Conch boosts profits and Gansu Shangfeng Cement invests

Anhui Conch Cement reports that its net profit attributable to equity shareholders for the first nine months of 2014 rose 51.8 per cent YoY to CNY8173m (US$1.3bn). The company’s basic and diluted earnings per share were CNY1.54. The revenue was CNY43,675m, an increase of 18.01 per cent from a year earlier. For the third quarter of 2014, Anhui Conch's net profit rose 1.2 per cent YoY to CNY2352m. Revenue grew 11 per cent to CNY14,890m.

In other Chinese news, Gansu Shangfeng Cement ,signed an agreement to acquire a 51 per cent and a 19 per cent stake in Taizhou Yadong Cement from Zhejiang Runfeng Investment and Wang Chao for CNY 82.11m and CNY 30.59m each. After the deals, it will become controlling shareholder of the target via controlling a 70 per cent stake.