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Impairments, capacity cuts drag down China Hongqiao's 2017 profit 25.3%

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Impairments, capacity cuts drag down China Hongqiao's 2017 profit 25.3%

China Hongqiao Group Ltd. said March 23 that its 2017 attributable net profit slipped 25.3% to 5.12 billion Chinese yuan, even with a 52% revenue surge to 93.31 billion yuan.

The company attributed the year's lower profits to capacity cuts as a result of the Chinese government's efforts to curb aluminum supply, as well as impairments of about 5.68 billion yuan. Basic EPS dropped 27.4% to 69.70 fen per share.

Unit costs of China Hongqiao's aluminum products also increased, narrowing its profit margins. The company's board still recommended a final dividend of 20 Hong Kong cents per share for 2017, lower than the 27 cent per share payout in 2016.

As of March 22, US$1 was equivalent to 6.33 Chinese yuan.