Xinjiang Tianshan to spend RMB 755 mln on local cement project

Byyyp

Updated Fri, 13 Aug 2010 00:00:00 GMT

Xinjiang Tianshan Cement Co Ltd<000877> plans to kick off construction on a cement project, which will cost RMB 755 million, in Yili, Xinjiang Uygur Autonomous Region, sources reported.

The Shenzhen-listed firm, which will set up a subsidiary to operate and manage the project that will have a daily cement output of 4,500 tons, hopes to reap RMB 466 million in after-tax operating revenue and RMB 80.47 million in gross profits from the project.

Funds for the project will be raised through internal financing and bank loans.

In addition, Xinjiang Tianshan Cement has posted RMB 153 million-net profit for the first half of this year, an amount 6.01% more than in the same period of 2009, and its operating revenue surged 16.04% year on year to RMB 2.05 billion.