China Resources Cement nine-month net profit drops 61%

China Resources Cement said its profit attributable to owners for the nine months ended 30 September 2015 dropped 60.6 per cent YoY to HKD1282.2m.

Turnover was HKD19,752m, a decrease of 15.5 per cent from a year earlier. The consolidated gross margin for the period was 24.4 per cent, representing a decrease of 6.7 percentage points from 31.1 per cent for the corresponding period last year. The decline was mainly attributable to lower selling prices of cement and clinker as compared with those of the corresponding period last year.

For the three months ended 30 September 2015, China Resources Cement reported a loss of HKD248m, as compared to the profit of HKD1200m for the same period last year.