China Tianrui 1H net down 38.7% to CNY402m

China Tianrui Group Cement said its profit attributable to owners dropped 38.7 per cent YoY to CNY402m for the six months ended 30 June 2012. Its basic earnings per share were CNY17 cents.

The revenue was CNY3.71bn, a decrease of 8.9 per cent from a year earlier. The gross profit fell 24.3 per cent YoY to CNY911m. The gross profit margin decreased to around 24.6 per cent in the 1H12 from 29.5 per cent in the same period 2011. The decrease in both gross profit and gross profit margin were primarily due to the significant decreases in the average selling prices of cement and clinker products coupled with cost increases.