QSCC:Net profit in 2013 declined by 25% despite growth in revenue

Byrebecca3360

Updated 2014-04-08

China: Xinjiang Qingsong Building Materials and Chemicals Co., Ltd. (QSCC) released its annual report at the night of April 2nd that in 2013, in spite of a certain growth in the revenue of the company compared with the previous year, but profits greatly declined on a year-on-year basis.

In 2013, the company achieved revenue of 2425.489 million yuan, a year-on-year increase of 5.43%; net profit of 86.6386 million yuan, a drop of 25.36% compared with the same period last year; gross margin rate of the leading products - cement decreased by 2.09 percentage points compared with the previous year.

The company said in its annual report that, with the commissioning of a group of cement projects under construction in Xinjiang one after another, the release of cement production capacity was greater than the growth in cement demand, thus cement production capacity in Xinjiang was surplus overall. In 2014, the cement market is still grim, competition will continuously increase, and the cement sales price will continue to fall.

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