China-based Anhui Conch saw its profit slip to CNY33.3bn (US$5.2bn) in 2021 when compared with CNY35.19bn in the previous year, according to Dow Jones Newswires.

The company’s revenue in 2021 declined to CNY167.95bn, down from CNY176.29bn in 2020, as market demand softened.

Anhui Conch said it expects to continue to face low market demand this year, as well as high raw material and energy costs.