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Huaxin Cement profits up 58% in 2008

By Zheng Lifei (chinadaily.com.cn)
Updated: 2009-03-11 11:46

Huaxin Cement Co, in which Swiss cement maker Holcim holds a 39.88 percent stake, posted a 58 percent jump in net profits in 2008, boosted by increased sales.

Related readings:  China's cement output jumps 17%  China's cement consumption expected to grow 6.3% in 2009  Jan cement output hits 82m tons, prices fall  CRH buys 26% of Jilin Yatai's cement operation

Its net profits rose to 460 million yuan ($67.25 million) last year, on sales of 6.34 billion yuan, up 33 percent from a year earlier, the company said in its earnings report on Wednesday.

The Shanghai-listed company sold 27.88 million tons of cement in 2008, up 20 percent from a year earlier.

Huaxin aims to sell 33.59 million tons of cement this year while sales revenue is expected to increase 40 percent, the company said.

The company plans capital expenditure of 4.29 billion yuan to upgrade and build new plants this year, and part of the fund is likely to be raised from the capital markets, the Hubei-based cement maker said.