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Jinduicheng Molybdenum expects FY'18 earnings to rise 268%

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Jinduicheng Molybdenum expects FY'18 earnings to rise 268%

Jinduicheng Molybdenum Co. Ltd. on Jan. 15 said it expects to record a net profit attributable to shareholders of between 345 million and 395 million Chinese yuan for 2018, representing year-over-year growth of between 222% and 268%.

The company in 2017 reported a net profit attributable to shareholders of 107.3 million yuan.

Jinduicheng Molybdenum also estimates its EBITDA will increase by between 517% and 616% from 50.7 million yuan of the previous year, to range between 313 million and 363 million yuan.

The company attributed its earnings growth to increased prices of molybdenum, an optimized product structure and tightened cost control.

As of Jan. 14, US$1 was equivalent to 6.77 Chinese yuan.