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China's building material industry expects fat profit in Q1

(Xinhua)
Updated: 2008-05-07 14:01

A man speaks on his phone at a building material exhibition in Shanghai on April 8,2008. China's building material industry may gain hefty profit in the first three months this year, despite the worst snow disaster in fifty years that plagued the country's southern areas.  [Asianewsphoto]

China's building material industry may gain hefty profit in the first three months this year, despite the worst snow disaster in fifty years that plagued the country's southern areas.

Building material sector witnessed surging production and sales in the first quarter, helped by booming demand, improved exportation structure and increasing fixed asset investments, the National Development and Reform Commission said in its latest report on the industry.

Gross industrial output value hit 421 billion yuan ($60.27 billion) in the first quarter, posting an increase of 34.6 percent year on year, and the rise was 4.8 percentage points higher over the same period of last year.

According to the report, sales volume increased greatly in the first quarter, pushing up by soaring market demand.

Gross industrial sales value hit 408.2 billion yuan, up 35 percent, and the rise was 4.7 percentage points higher than that of the same period last year.

Profit of building material industry stood at 9.41 billion yuan in the first two months, representing an increase of 61.8 percent over the same period last year, according to the report.

Separately, cement production sector made a profit of 1.26 billion yuan, up 43.2 percent, and the profit of fireproof material sector was 1.62 billion yuan, up 71.8 percent year on year.