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Jidong Cement's H1 profit down 85%

Aug. 23, 2012 (China Knowledge) - Tangshan Jidong Cement Co Ltd<000401>, a construction materials manufacturer and distributor based in Tangshan, Hebei Province, has announced its net profit attributable to shareholders plunged 85.05% YoY to RMB 112 million in the first half of this year.

In the first six months of this year, Jidong Cement saw its operation revenue decreased 10.68% from a year earlier to RMB 6.38 billion. Basic earnings per share were RMB 0.08 for the period.

In the reporting period, the company produced 25.96 million metric tons of cement and 23.69 million metric tons of clinker, up 1% and down 5% YoY, respectively.

Meanwhile, the sales of cement and clinker dropped 6% YoY to 30.73 million metric tons in the six-month period.

The company expects its net profit for the third quarter of this year at about RMB 710.24 million, compare with RMB 1.42 billion it realized in the corresponding period of last year.

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