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Qilianshan Cement expects 50% plunge in H1 net profit

Jun. 28, 2012 (China Knowledge) - Gansu Qilianshan Cement Group Co Ltd<600720> announced yesterday that it 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's net profit was RMB 247 million and earnings per share were RMB 0.52.

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

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