China's state-owned conglomerate Citic Ltd.'s attributable profit in the first half climbed 9% year over year to HK$33.5 billion, or HK$1.15 per share.
The company chalked up the improvement to a first-time profit at its Sino-Iron project in Western Australia, a substantial rise in profit at the special steel business and better performance at CITIC Bank.
The board proposed an interim dividend of 18 cents per share, up from 15 cents a year ago. Revenue for the six months grew to HK$277.18 billion, from HK$258.32 billion in the prior-year half.
The company said Aug. 29 profit for its manufacturing business jumped 46% to HK$3.5 billion on the back of strong results at the special steel and heavy industry businesses.
The resources and energy segment recorded a 64% surge in profit to HK$2.1 billion as Sino Iron returned its first profit due to a strong iron ore price and reduction in operating costs.
Citic recently completed its previously announced C$612 million investment in Ivanhoe Mines Ltd. to increase its stake in the company to 29.4%.
Meanwhile, the company is teaming up with Japanese trading house Itochu Corp. for a ¥200 billion venture capital fund that will direct Japanese startups toward the Chinese market.
