China Shuangji Cement, Ltd.,
China Shuangji Cement, Ltd., through its affiliates and controlled entities, is a supplier of high-grade cement to the industrial sector in the People's Republic of China and to international markets. Its processed cement products are primarily purchased by the cement industry for the purpose of making the cement required for the construction of buildings, roads, and other infrastructure projects. The Company currently produces 1,300,000 tonnes of Portland cement annually. Our output will increase by 1,200,000 tonnes in 2009 when our new plant is completed (1,000,000 tonnes) and when the capacity of our recently acquired joint venture plant is upgrade (200,000 tonnes).
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China Shuangji Cement posts Q2 profit increase despite shutdown of Zhaoyuan plant
China Shuangji Cement Ltd. posted a sharp jump in profit in its second quarter despite a decline in year-on-year revenues.
Profits were up 26.7 percent to US$1,127,075 from US$889,479 the year before, mainly due to the forgiveness of interest payments on a US$13,395,095 loan by the company's major lending bank as a result of the relocation of the Zhaoyuan cement plant.
Revenues for the first half dropped 7.52 percent, largely due to the shutdown and relocation of the Zhaoyuan cement plant at the beginning of the year but partially offset by sales from inventory and production from the new Longkou Cement plant.
The cost of sales in Q2 dropped 13.8 percent, due to the lower production levels. Cost of sales as a percentage of total sales was 86.8 percent for the 2009 period compared with 88.4 period for the comparable 2008 period.
The company is currently building a new one million metric ton cement plant outside Zhaoyuan City to replace the old Zhaoyuan plant and will be completed in late Q3 2009.
It also currently upgrading the capacity of its 300,000 metric ton plant in Longkou, Shandong province to 500,000 metric tonnes.
