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Sinoma to achieve 50% growth in 2008 profits

By Yu Hongyan (chinadaily.com.cn)
Updated: 2008-12-25 15:16

China National Materials Group Corporation (Sinoma), China's largest cement-making equipment producer, expects to see a 50 percent growth in profit earnings for 2008 despite the financial crisis, a top company official said.

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Sinoma is also expected to achieve sales of 50 billion yuan ($7.29 billion) ahead of its 2010 target, said Tan Zhongming, general manager of Sinoma.

"The whole building-material industry bore the impact of the financial turmoil," Tan said on an online forum. "We carried out countermeasures in time to respond to the financial crisis, making it possible for us to stand up to the global slowdown," Tang said.

"Our profits are expected to have grown by more than 50 percent in 2008 and we can achieve the 50 billion yuan sales target before 2010," said the group head.

The State-owned industry giant, whose business also covers non-metal materials mining, manufacturing, and engineering and construction services, boasts significant overseas operations.

Sinoma will take a prudent approach to its overseas activities, according to Tan. "We will make thorough investigations before taking action."

Tan said the effect of the government's 4-trillion-yuan stimulus package is likely to be seen in the second half of 2009.

"The new materials industry is less affected by the financial crisis compared to the traditional materials industry, especially those involved in new energy and energy-saving, which are backed by government policy," said Tan. "We have a comparative advantage over our international rivals," he added.