trending Market Intelligence /marketintelligence/en/news-insights/trending/mtbnzbvjahmeymebyg0mng2 content esgSubNav
In This List

Tongling Nonferrous expects up to 222% surge in FY'17 net profit

Blog

Insight Weekly: US stock performance; banks' M&A risk; COVID-19 vaccine makers' earnings

Blog

Insight Weekly: LNG exports surge; investors unfazed by inflation; neobanks drive VC funding

Blog

Essential Metals Mining Insights November 2021

Blog

[Infographic]: 2021 World Exploration Trends


Tongling Nonferrous expects up to 222% surge in FY'17 net profit

Tongling Nonferrous Metals Group Co. Ltd. said Jan. 31 that net profit attributable to shareholders for 2017 was expected to surge between 183% and 222% to between 510 million and 580 million Chinese yuan, or between 5 and 6 fen per share.

This compared to attributable net profit of 180.3 million yuan, or 2 fen per share, booked in 2016.

The company attributed the rise in earnings to increased prices of its main products, higher processing fees received in the copper foil segment and declines in finance costs. These offset impairment of assets resulting from closures of processing plants, which resulted from a government-led capacity reduction program.

As of Jan. 31, US$1 was equivalent to 6.29 Chinese yuan.