Operating profit at Anhui Conch Cement, one of China's biggest makers of the building material, fell 31% on the year to 7.05 billion yuan ($1.1 billion) in the nine months through September as weak demand and price competition took a toll.
Revenue dropped 13% to 37.9 billion yuan, the Shanghai-listed company reported Tuesday.
Chinese demand for cement has languished following a rush of infrastructure building. Domestic cement production shrank about 5% on the year to roughly 1.7 billion tons during the nine-month period, according to the National Bureau of Statistics.
Foreseeing little growth at home, Conch Cement is trying to strengthen its presence in Indonesia and elsewhere abroad.
No comments:
Post a Comment