China: Huaxin Cement has blamed a fall in its profits in the first half of 2023 on falling clinker prices and sales volumes in its home market. In a preliminary results announcement, it reported that its net profit dropped by 25% year-on-year to US$166m in the first half of 2023 from US$221m in the same period in 2022. Despite this, the group’s operating income rose by 10% to US$2.20bn from US$2.00bn. Its overall sales volumes of cement and clinker increased by 2% to just under 30Mt. However, domestic sales volumes decreased by 0.76%. It also reported that concrete sales volumes grew by 82% to 10.9Mm3.
Huaxin Cement half-year results hit by poor sales volumes in China
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