Anhui Conch's 1H20 profit rises 5.3%

Anhui Conch Cement's net profit rose in the 1H20, on the back of a resumption of construction projects in Asia and higher sales in western China. However, due to the COVID-19 pandemic, cement sales volumes fell across the regions the company operates in, except for west China.

The cement company's net profit increased by 5.3 per cent to CNY16.09bn (US$2.33bn) during the period, the company reported. First-half operating revenue rose 3.3 per cent to CNY74.01bn.

The company said it will seek more merger-and-acquisition targets in the second half, as well as expand its concrete business.