China's largest cement maker sees profit slump

2016-03-24 08:36

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Anhui Conch Cement Co., China's largest cement maker by market value, said Wednesday that its net profits had slumped over 30 percent year on year in 2015, pinched by a weakening property sector and slower fixed-asset investment.

In a report filed to the Shanghai Stock Exchange, the company said its net profits stood at 7.52 billion yuan (1.16 billion U.S. dollars), down 31.63 percent year on year. Revenue fell 15.66 percent year on year to 49.73 billion yuan. Earnings per share was 1.42 yuan, compared with 2.07 yuan one year earlier.

Slower fixed-asset investment and the cooling housing market in the world's second-largest economy capped demand for cement, driving its prices down, according to the report.

The company's cement output grew 2 percent to 224 million tonnes in 2015, and its cement capacity had reached 290 million tonnes by the end of December.

China's fixed-asset investment rose 10 percent in 2015, slower than a 15.7-percent gain in 2014, official data showed.

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