Asia Cement Corp announces 54% rise in net income

Taiwan’s Asia Cement Corp saw a 54.4 per cent surge in net income for the first quarter of 2019 at TWD2.93bn (US$93.6m). Analysts has claimed that the results were mainly due to a strong cement business in China and non-operating income from its investments in other affiliates of its parent company, Far Eastern Group, according to the Taipei Times.

Consolidated revenue in the first four months of 2019 increased 17.1 per cent YoY to TWD27.83bn.

The company has stated that it was still positive about the industry’s supply-demand dynamics and expected cement prices to rebound steadily but did not provide numerical guidance.