Displaying items by tag: GCW64
Chinese producers profits in free-fall
23 August 2012China: On the back of similar reports from numerous Chinese cement producers, two more companies have announced large drops in their profits in the first half of 2012.
Tangshan Jidong Cement Co Ltd, a Hebei Province-based cement producer, posted US$17m in net profit for the first half of 2012, a year-on-year drop of 85%. The company's operating revenue slid by 10.7% year-on-year to US$1.0bn.
Meanwhile, Jiangxi Wannianqing Cement Co Ltd, a Jiangxi Province-based cement maker has posted a net profit of US$9.1m for the first half of 2012, a year-on-year decrease of 80%. Its operating revenue slid by 22.1% to US$316m.
Shree profit sky-rockets
23 August 2012India: Shree Cement, one of the top-five Indian cement producers, has reported an incredible 539% jump in its net profit for the first quarter of the 2013 fiscal year. Its net profit rose to US$63.6m for the quarter ending 30 June 2012, whereas the net profit of the company stood at US$10.0m during the same period in 2011. Shree's total income rose by 43.8% to US$269m during the quarter, from US$187m.
The company did not explain the massive increase in net profit, but it is likely that the year-ago period saw a large non-operating payment.