Anhui Conch attributable profit up 86%

Anhui Conch Group’s net profit attributable to equity shareholders increased by 86.41 per cent YoY in the first quarter of this year to CNY2.153bn (US$312m).

Operating profit rose by 139.4 per cent in the reporting period and total profits were up by 92.81 per cent. The increases were partly attributed to the YoY rise in sales volumes and selling prices of the group’s products. Revenues rose 28.58 per cent to CNY13.6bn in the first quarter of this year.

Non-operating income decreased by 35.18 per cent from that of the same period last year, mainly due to the YoY decrease in government subsidies and a gain from the disposal of fixed assets during the reporting period.