West China Cement Shares Jump 10.8% Despite Profit Decline on China Sales
Shares of West China Cement (02233) surged in Hong Kong morning trading, reaching HKD 1.91 intraday, up 11.4%, before easing to HKD 1.90, a 10.8% gain, on turnover of HKD 37.9 million. The company attributed its profit decline to the net effect of lower average cement prices and sales volumes in China, partially offset by higher overseas cement sales and revenue, which boosted earnings abroad.
Shares of West China Cement (02233) rose sharply on Friday, trading at HKD 1.90 as of 10:10 a. m. , up 10.8%, with turnover of HKD 37.9 million. The stock hit an intraday high of HKD 1.91, representing a maximum gain of 11.4%.
The company said its profit decline was driven by the net impact of two factors. On the one hand, the group's average selling price and sales volume of cement products in the Chinese market both fell, reducing earnings in the China region. On the other hand, higher cement sales volume and revenue in overseas markets increased profits abroad.