Huaxin Cement announces profit decline for 2020

China’s Huaxin Cement expects its net profit to decrease by 9-14 per cent YoY in 2020, compared to CNY6.3bn (US$974m) in the previous year, according to preliminary calculations by the company’s financial department.

The company’s performance last year has been attributed to the severe impact of the pandemic in the first half and the large-scale flooding of the Yangtze River in July. Prices also declined, negatively impacting operating income.

However, in the third and fourth quarters of 2020, the company's net profit attributable to shareholders increased by around five and seven per cent YoY, respectively, indicating that the company is gradually restoring growth momentum.