Huaxin Cement sees profit almost halve

Bywxy

Updated Wed, 27 Mar 2013 00:00:00 GMT

Huaxin Cement Co Ltd, a Hubei Province-based cement producer, announced on 25 March 2013 that the company's net profit came to US$89.5m in 2012, a year-on-year decrease of 48.3%. Huaxin Cement saw its operating revenue for 2012 slide by 0.93% year-on-year to US$2.0bn.

The company attributed the drop in its profit to falling cement prices caused by overcapacity in the Chinese cement market during 2012.