China-based BBMG Corporation said it expects to achieve a net profit attributable to shareholders of CNY380m-450m (US$55m-65m) for the first quarter ended 31 March 2017, an increase from the CNY151m (US$21.9m) recorded in the same period of last year.

An increase in operating results for 1Q17 is mainly due an increase in booked gross floor area for the property development segment compared with the same period of, thereby resulting in increased revenue and profit for the segment.

The increase is also attributed to further improvements in the domestic cement market and its pricing environment versus 1Q16 which also resulted in higher revenue and an increased profit margin.