In its trading statement forthe first six months of 2016, Anhui Conch has reported its net revenues fell one per cent YoY to CNY24bn (US$3.6bn), while profits slipped further, falling by 28.8 per cent to CNY3.4bn (US$506m). The company noted that while Chinese demand for cement continued to grow in the first half of 2016, intense competition and overcapacity had had a negative effect on profits. However, a 13.7 per cent fall in costs - driven by lower prices for raw material, power, and labour - took the market by surprise leading the company's share price to rise by 3.6 per cent.
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