On February 23, Dongwu Cement issued a profit warning. The Group expects that the profit (loss) attributable to owners of the Company for the year ending 31 December 2022 will decrease to a loss of approximately HK $43.073 million (for the year ending 31 December 2021: profit of approximately HK $44.006 million), representing a decrease of approximately 197.9%. & nbsp; & nbsp;
The loss was mainly due to:
(1) the unprecedented "cliff-like" drop in cement demand in 2022 as a result of multiple factors such as the Group's repeated suspension of production due to the severe epidemic prevention and control situation, the continued bottoming of the real estate market and the increasing downward pressure on the economy.
(2) The low cement market demand made the price of the national cement market "dive from a high platform", and the price trend of the cement market declined throughout the year.
(3) On the other hand, the price of raw material coal rose from the beginning of the year to the end of the year. Under the background of two-way extrusion of falling cement volume and price and rising cost, the profit has declined seriously.
China Cement Network will hold the "2023 China Cement Industry Summit" in Hangzhou on March 15-16, when the national cement and related industry colleagues will gather together to discuss the future trend of the cement market. Stay tuned.
For more information about the conference, please call the 18958090092
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