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Shenzhen Zhongjin flags up to 449% YOY surge in 9-month net profit

Shenzhen Zhongjin Lingnan Nonfemet Co. Ltd. said Oct. 13 that net profit attributable to shareholders for the first three quarters may surge by between 388.20% and 449.22% from 163.9 million Chinese yuan recorded a year ago.

Net profit was expected to range between 800 million and 900 million yuan, or between 33.62 and 37.82 fen per share, for the first nine months of the year.

The expected profit surge is due to higher prices of lead and zinc products, and strengthened cost controls, the company said in a statement.

Shenzhen Zhongjin's net profit for the first two quarters was 552.1 million yuan, or 25 fen per share, up 1,167.7% from a year ago.

As of Oct. 12, US$1 was equivalent to 6.59 Chinese yuan.