Jinduicheng Molybdenum Co. Ltd.'s net profit attributable to shareholders for the third quarter jumped 121.9% year over year as molybdenum prices rose during the period, according to an Oct. 25 statement.
The company's net profit for the three months ended Sept. 30 rose to 174 million Chinese yuan, or 5.4 fen per share, from 78.4 million yuan, or 2.4 fen per share, from a year earlier.
Jinduicheng's operating revenue, meanwhile, fell to 2.19 billion yuan from 2.29 billion yuan.
In the first nine months of the year, the company saw its earnings improve 96.7% year over year to 446.4 million yuan, or 13.8 fen per share, from 226.9 million yuan of the previous year.
Its operating revenues for the nine months ended September were up 3.7% at 6.72 billion yuan.
The company said it expects a significant increase in its full-year 2019 net profit as it believes molybdenum prices will continue to rise in the fourth quarter.
As of Oct. 24, US$1 was equivalent to 7.07 Chinese yuan.