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China Resources Cement's sales prices down 6% in Q1

May. 7, 2012 (China Knowledge) - China Resources Cement Holdings Ltd<1313>, the largest cement producer in South China, saw its average sales price decline 6% or RMB 20 per ton year on year to RMB 340 per ton in the first quarter of this year, said Deputy Chairman Yu Zhongliang.

Yu noted that the firm's gross margin narrowed to 20% during the low season. But he believes the company gross margin would reach 30% this year, as sales prices began to rebound at the beginning of April.

Sales volume surged 33% from a year earlier in the first quarter of 2012, said Yu, adding that sales volume also increased 30% year on year since the beginning of this year.

President Zhou Longshan said the firm, which sold 52 million tons of cement in 2011, aims to meet an annual target of 65 million tons this year.

China Resources Cement has inked an agreement to secure a RMB 300 million loan with a maturity of two years. State-owned China Resources (Holdings) Co holds a 73.34% stakes in China Resources Cement, sources reported.

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