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Anhui Conch Cement Co. first-half profits surge 234 pct

08-16-2011 08:37 BJT

BEIJING, Aug. 15 (Xinhua) -- Anhui Conch Cement Co., China's second largest cement producer by output, said Monday that its first-half profits rose 233.62 percent year-on-year due to higher selling prices and increased sales volume.

Net profits rose to 5.99 billion yuan (937.5 million U.S. dollars), or 1.13 yuan per share, from 1.8 billion yuan, or 0.34 yuan a share, one year earlier, the cement maker said in a statement filed to the Shanghai Stock Exchange.

Revenues generated from the company's main business jumped 61.66 percent from one year earlier to 22.12 billion yuan.

The Wuhu-based company attributed its fast profit growth to higher selling prices and expanded sales volume boosted by the country's efforts to build more affordable housing units.

China plans to build 36 million units of affordable housing over the next five years, with the construction of the first 10 million units starting 2011.

The country's cement output rose 19.6 percent year-on-year to 951 million tonnes during the first half of this year, according to data from the National Bureau of Statistics.

Editor:Wang Xiaomei |Source: Xinhua

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