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Tongling Nonferrous expects Q3 net profit of up to 173.7M yuan

Tongling Nonferrous Metals Group Co. Ltd. said Oct. 13 that it expects net profit attributable to shareholders to range between 128.7 million Chinese yuan and 173.7 million yuan in the third quarter, compared to the 48.9 million yuan posted a year ago.

The company attributed the improvement in profits to an increase in prices of its main products and higher processing fees for copper foil.

EPS is expected at between 1.2 fen and 1.7 fen. Finance costs are expected to drop as the company had recorded exchange losses from U.S. dollar-denominated loans in same period of 2016.

As of Oct. 13, US$1 was equivalent to 6.59 Chinese yuan.