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Jiangxi Copper nearly doubles profit in FY'17 on higher revenue

Jiangxi Copper Co. Ltd.'s profit attributable to shareholders almost doubled year over year to 1.65 billion Chinese yuan, compared to 837.4 million yuan in 2016. Basic EPS increased to 48 fen, compared to 24 fen a year ago.

Revenue in the year increased to 204.23 billion yuan, from 201.73 billion yuan in 2016, according to a March 28 release.

The cost of sales stayed relatively stable at 195.8 billion yuan, compared to 195.16 billion yuan in 2016, leading to an increase in gross profit, which totaled 8.44 billion yuan in 2017, up from 6.56 billion yuan a year ago.

Other losses, which includes impairments and exchange losses, increased to 3.18 billion yuan, from 1.83 billion yuan in 2016.

The company recommended a final dividend of 20 fen per share, up from 15 fen per share in 2016.

On the operational side, Jiangxi's copper cathode production increased 13.52% year over year to 1.4 million tonnes, and output of processed copper productions jumped 19.21% year over year to 1.1 million tonnes.

Gold and silver output declined 3.22% and 4.7%, respectively, to 25.58 tonnes and 483.5 tonnes. Sulfuric acid production improved 3.89% year over year to 3.6 million tonnes.