Aluminum Corp. of China Ltd. booked attributable net income of 1.38 billion yuan for 2017, higher than the approximately 960 million yuan profit it flagged in late January, and up significantly from its 368.4 million yuan net profit in 2016.
The company attributed the gain to supply-side structural reforms by the Chinese government and a substantial increase in the gross profit margin of its main products.
Revenue amounted to 180.08 billion yuan, representing a nearly 24.9% increase, driven mainly by an increase in trading volumes and higher prices.
The alumina segment's revenues rose by 26.8% to 38.08 billion yuan due to an increase in gross profits and in trading volumes, while revenues on the aluminum segment climbed 37.1% to 47.25 billion yuan on the back of higher prices and trading volumes.
The company ended 2017 with cash and cash equivalents of 27.75 billion yuan, up from 23.81 billion yuan at the beginning of the year.
Chalco's board did not propose any final dividend for 2017, the company said March 22.
As of March 22, US$1 was equivalent to 6.33 Chinese yuan.