Anhui Conch full-year profit rises 17%

Anhui Conch Cement Co's net profit rose 17 per cent in 2014 but warned that the cement sector in its home market of China was under pressure as the economy slowed.

The company reported net profit of CNY11bn (US$1.77bn) in 2014, up from CNY9.4bn in 2013, it said in a filing on the Shanghai stock exchange. Some 23 analysts polled by Thomson Reuters SmartEstimate forecast a net profit of CNY11.5bn. Earning per share were CNY2.07.

"Demand in the cement market is facing increasing pressure with China's fixed investment growth likely to slow as the economy enters a new normal," Anhui Conch said in its earnings statement.

In 2014, Anhui Conch's cement and clinker sales were 249Mt, up 9.3 per cent from a year earlier.