Qilianshan Cement expects 50pct plunge in H1 net profit

Byyyp

Updated Mon, 02 Jul 2012 00:00:00 GMT

Gansu Qilianshan Cement Group Co Ltd expected its net profit to fall at least 50% YoY in the first half of this year.

The company said in a statement filed with the Shanghai Stock Exchange that the sharp decrease in net profit was due to a significant YoY decline in cement price amid weak demand.

In the first six months of 2011, the company net profit was CNY 247 million and earn
ings per share were CNY 0.52.

Gansu Qilianshan Cement earlier reported a loss of CNY 87.68 million for the first quarter of this year. The cement producer's core business revenue dropped 16.70% YoY to CNY 469.31 million in the first three months.