China Shanshui Cement Group, the Hong Kong-listed cement enterprise with bases in Shandong and Liaoning provinces on the mainland, achieved high double-digit growth in revenue in its interim results for the six months ending June 30.
In its first-half results prepared in accordance with International Financial Reporting Standards, China Shanshui says the group achieved year-on-year revenue growth of 65.8 per cent to 7.83 billion yuan (HK$9.56 billion).
Gross profit increased by 155.4 per cent to 2.47 billion yuan and profit attributable to equity shareholders achieved remarkable growth of 206.5 per cent to 1.24 billion yuan.
Basic earnings per share reached 44 fen, up 214.3 per cent compared with the same period last year. The board did not recommend payment of an interim dividend for the six months ending June 30.
'In the first half of 2011, the group has benefited from the government's increase in the volume of infrastructure construction and the continued demand of the property sector for cement,' Shanshui Cement chairman Zhang Caikui says.
'At the same time, it has optimised its corporate strategy by building new production lines, as well as organisational restructuring. In addition to expanding production scale, the group has also been exploring development opportunities for the group, while strengthening internal control and effectively boosting operational efficiency. All of these strategies have delivered sustainable operating results during the period under review.'
During the first half, the group's revenue was mainly derived from the sale of cement, which occupied 82.5 per cent of total sales revenue, with clinker making up 12.2 per cent.