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Tongling Nonferrous flags swing to 190M yuan FY'16 net profit

Tongling Nonferrous Metals Group Co. Ltd. said on Jan. 23 that it expected to swing to a net profit of between 140 million and 190 million Chinese yuan in 2016, from a net loss of 666.4 million yuan recorded in 2015.

The company attributed the turnaround to cathode copper price hikes since November 2016, increased processing fees for copper foil, and lower finance costs.

Exchange losses were reduced during the period as Tongling Nonferrous cut U.S. dollar-denominated debts to avoid exchange rate risks.

As of Jan. 20, US$1 was equivalent to 6.88 Chinese yuan.