Anhui Conch sees revenue fall 30% in 3Q22

Anhui Conch has reported revenue of CNY29,052m (US$4006m) in the third quarter of 2022, down 29.6 per cent on the same period a year earlier, after adjustment. Net profit attributable to equity shareholders over the same period declined by 65.3 per cent to CNY2578m. This has been attributed to rising energy costs, particularly coal prices, and a decline in the sales price of the group’s products. Basic earnings per share have contracted from CNY1.40 in the 3Q21 to CNY0.49 in the same period this year. 

In the first nine months of 2022, revenue has come in at CNY85,328m, marking a decline of 29.9 per cent YoY, after adjustment. Net profit attributable to equity shareholders is down 44.5 per cent YoY to CNY12,418m, compared to CNY22,389m in the 3Q21. According to the company, the decline is due not only to rising fuel costs but also a fall in sales volumes. Basic earnings per share have fallen from CNY4.22 in the 3Q21 to CNY2.34 in the same period this year.