CNBM net profit falls by 83% to US$157m

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China: China National Building Material Company's (CNBM) net profit has fallen by 83% year-on-year to US$157m in 2015. Its revenue fell by 17.8% to US$15.4bn. China's largest cement producer has blamed the loss of profits on a steep drop in cement sales due to a national slowdown in fixed-asset investments, infrastructure construction and real estate investments.

Two of CNBM's cement subsidiaries also reported falling financial results. China United saw its sales fall by 28% and South Cement reported that its revenue fell by 21%.

The state-owned building materials company also produces gypsum wallboard, insulation materials and ceiling systems. Revenue from the sale of lightweight building materials fell by 7.6% to US$1.09bn as the price of gypsum wallboard fell. However, revenue from mineral wool insulation sales and composite materials rose by 25.3% to US$501m due to increased sales of pipes, tanks and rotor blades.

URL: https://globalcement.com/news/item/4759-cnbm-net-profit-falls-by-83-to-us-157m

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