In its unaudited results for the first half of 2024, Asia Cement (China) Holdings Corp reported a revenue of CNY2689.4m (US$377.1m), down 34.5 per cent from CNY4105.1m in the 1H23.

Gross profit fell 79.4 per cent to CNY133m in the 1H24 from CNY646m in the 1H23. The company’s gross profit margin declined from 16 per cent to five per cent over the same period.

The company posted a loss before tax of CNY223.6m in the 1H24, down from a profit before tax of CNY395m in the 1H23.

Net loss for the 1H24 reached CNY411.2m, of which CNY404.9m was attributable to the owners of the company. In the 1H23 the company returned a net profit of CNY200.3m, of which CNY195.8m was attributable to the owners of the company.