China Resources Cement Holdings Ltd. Announces Audited Consolidated Earnings Results for the Year Ended December 31, 2017; Provides Consolidated Earnings Guidance for the First Quarter Ending March 31, 2018; Provides Capital Expenditure Guidance for the Full Year 2018 and 2019
The board of directors of the company inform the shareholders and potential investors of the company that, based on the preliminary assessment of the group's unaudited consolidated management accounts, the group's profit attributable to the owners of the company for the three months ending 31 March 2018 is expected to significantly increase as compared with that of the corresponding period in 2017, primarily attributable to the higher selling prices of cement products during the period. The average selling price of the group's cement products was HKD 386.9 from January to February 2018, as compared with HKD 291.3 for the same period in 2017, representing an increase of 32.8%.
Total payments for capital expenditure of the Group are expected to be approximately HKD 1,161.1 million and HKD 824.2 million in the years 2018 and 2019, which will be financed by borrowings and internally generated funds.