Updated Fri, 24 Oct 2014 16:31:21 GMT

Gansu Qilianshan Cement Group reported on October 21 its profit for first nine months amounted to 635m yuan, a YoY increase of 73.97% as expected. In 3Q14, profit grew by 44.34% than the year-ago period, while EPS was 0.49 yuan. In 2013, its first nine months revenues reached 4.829b yuan, a YoY increase of 13%.

Its nine-month net profit attributable to owners was 635m yuan, a YoY increase of 73.97%. EPS was 0.82 yuan. In 3Q14, revenues reached 2.039b yuan, grew by 2.87% than the year-ago period. In the third quarter, net profit attributable to owners was 369m yuan, a YoY increase of 144%. EPS was 0.49 yuan. Profit margin was 34.66% in 3Q14, grew by 2.41% than the year-ago period and 5.45% than the month-ago period.

The firm attributed the profit rise to cost reduction especially coal price decline, high cement demand in Gansu province and sales volume increase. In the third quarter, cement costs about 178 yuan/t, decreased by 12 yuan/t when compared with the year-ago period. Net profit reached 55 yuan/t, 15 yuan/t higher comparing to 3Q13.

EPS is expected to be 0.87 yuan、1.02 yuan and 1.21 yuan respectively from 2014 to 2016, the firm said.

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