Qilianshan Cement H1 net profit surged 234%

Byswb

Updated Fri, 31 Jul 2009 00:00:00 GMT

Qilianshan Cement (SH: 600720) yesterday announced the interim report for the six months to end-June, which showed that the company's operation profit reached 175.46 mln CNY, up 209.06% from the same period of last year; total profit 217.48 mln CNY, up 161.11%; and net profit 159.67 mln CNY, up 234.28%. The basic EPS was 0.403 CNY.

During the reporting period, Qilianshan Cement produced 3.22 mln tonnes of cement, 9.08% more than that in the first half of 2008; and it sold 3.31 mln tonnes of cement, up 11.17% year on year. The company realized half of its whole-year goal.

With the momentous growing of the northeastern cement market, Qilianshan Cement speeded up its expansion in local markets in the first half. The 2500 tpd cement project in Qinghai was put into production in July. Two 5000 tpd cement lines in Yongdeng and Qinghai and one 3000 tpd line in Zhangxian started construction. Another two 3000 tpd lines in Chengxian and Gan'gu will be finished at the end of 2009.

Till then, Qilianshan Cement will have a total cement production capacity of over 10mln tons, making it one of the few 10MT cement groups in China.