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Gansu Qilianshan Cement sees 89% down in H1 profit

Aug. 10, 2012 (China Knowledge) - Gansu Qilianshan Cement Group Co Ltd<600720> announced yesterday that its net profit attributable to shareholders plunged 89% YoY to RMB 26.49 million in the first half of this year.

The sharp decrease in net profit was due to a significant decline in cement price, said the company.

Basic earnings per share for the period were RMB 0.06, less than RMB 0.52 it booked in the corresponding period of last year.

According to a statement filed with Shanghai Stock Exchange, the company saw its operation revenue reached RMB 1.86 billion for the period, reflecting a YoY increase of 10%.

From January to June, Qilianshan Cement produced a total of 5.93 million metric tons of cement, while the sales of cement and clinker amounted to 6.34 million metric tons.

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