China: China Resources Cement’s revenue has fallen by 24% year-on-year to US$609m in the first quarter of 2016 from US$800m in the same period in 2015. Its gross profit fell by 39% to US$126m from US$207m. However, its profit attributable to the owners of the company fell by 99% to US$0.85m from US$85.1m. It blamed the drop in gross profit on lower selling prices in the quarter compared to 2015.
The cement producer reported that its sales volumes of cement grew by 6% to 15.8Mt in the quarter. Rises in sales volumes were reported in Guangxi, Yunnan and Guizhou.