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Western Mining flags 828% YOY jump in 9-month profit on higher output

Western Mining Co. Ltd. said Oct. 12 that it expected net profit for the first nine months to jump 828% year over year from the 13.0 million Chinese yuan, or 1 fen per share, posted a year ago.

The company attributed the profit surge to higher output of concentrates, including an 11% year-on-year rise in zinc concentrates, a 15% rise in copper concentrates and a 14% rise in silver concentrates. Western Mining also reduced operation costs and investment losses in the first three quarters.

Net profit for the first two quarters was 30.7 million yuan, down 26% from a year ago, due to price declines in lead, zinc and copper.

The earnings report for the third quarter is expected to be released on Oct. 20, the company said.

As of Oct. 11, US$1 was equivalent to 6.73 Chinese yuan.