Tongling Nonferrous Metals expects to see semi-annual performance up by 376-419%
2017-07-14 17:33:51 [Print]
Tongling Nonferrous Metals Group Holding Co., Ltd. (“the company”) released on the evening of July 13th the semi-annual performance report. According to the report, the company expects to see net profit of RMB220-240million, up by RMB376-419% year on year. In the first half of 2016, the company saw profit of RMB46,226,700 and the basic earnings per share (EPS) was RMB0.005.
The company mainly attributes the expected increased performance to the increased prices for its main products and strengthened profitability of its main business in H1 2017. Affected by the rising treatment charge for copper foil, the operation performance of copper foil section continues to strengthen. In addition, the financial expenses witnessed a relatively big decline year on year mainly due to the exchange loss during the process of replacement of the US dollar loan in the corresponding period of 2016.
The company also revealed the output of its products in the report. Mainly affected by Jinguan Copper’s normal 40-day and 20-day suspension and maintenance in the first and second quarter respectively, the output of the company’s main products, copper cathode, edged down with expenses increasing to some extent. Currently, the maintenances have ended and the company has resumed production completely. Besides, the company saw significantly increased output of the main copper processed products in H1 2017. Specifically, the output of copper foil was 14,720t, up by 14.38% YOY; the output of copper plate was 24,625t, up by 31.46% YOY; the output of brass rod was 5,030t, up by 13.88% YOY.
The company mainly attributes the expected increased performance to the increased prices for its main products and strengthened profitability of its main business in H1 2017. Affected by the rising treatment charge for copper foil, the operation performance of copper foil section continues to strengthen. In addition, the financial expenses witnessed a relatively big decline year on year mainly due to the exchange loss during the process of replacement of the US dollar loan in the corresponding period of 2016.
The company also revealed the output of its products in the report. Mainly affected by Jinguan Copper’s normal 40-day and 20-day suspension and maintenance in the first and second quarter respectively, the output of the company’s main products, copper cathode, edged down with expenses increasing to some extent. Currently, the maintenances have ended and the company has resumed production completely. Besides, the company saw significantly increased output of the main copper processed products in H1 2017. Specifically, the output of copper foil was 14,720t, up by 14.38% YOY; the output of copper plate was 24,625t, up by 31.46% YOY; the output of brass rod was 5,030t, up by 13.88% YOY.
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