China's largest cement maker reports profit slump

Hit by an economic slowdown and a sluggish fixed-asset investment, China's largest cement maker by market value today said its net profit plunged nearly 30 per cent at USD 504.5 million in the first half of this year.
In a report filed to the Shanghai Stock Exchange, Anhui Conch Cement Co said its net profit stood at 3.36 billion yuan (USD 504.5 million)down 28.7 per cent year-on-year.
Revenue fell 0.79 per cent year-on-year to 23.4 billion yuan. Earnings per share was 0.63 yuan, compared with 0.89 yuan a year earlier, state-run Xinhua news agency reported.
Sales of cement and clinker rose to 128 million tonnes, up 11 per cent year-on-year.

Market conditions remained tough for the cement sector, mainly due to lingering overcapacity, slower fixed-asset investment and fierce competition, the report said, adding that the industry is a low-growth and low-profitability business.
China's fixed-asset investment rose 9 per cent in H1, slower than a 11.4-per cent gain during the same period last year, official data showed.
Shares of the company opened 1.14 per cent higher at 16.86 yuan today.