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.
