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China Zhongwang FY'17 profit rises YOY

China Zhongwang Holdings Ltd. said March 23 that profit attributable to equity holders for full-year 2017 rose on a yearly basis to 3.53 billion yuan from 2.87 billion yuan.

Profit for the fourth quarter of 2017 jumped to 1.52 billion yuan from 468 million yuan a year earlier, Reuters reported, citing its own calculations. It attributed the increase to higher sales for the transportation sector.

The Liaoyang, China-based aluminum producer recorded revenue of 19.46 billion yuan in 2017, a 16.6% increase on a yearly basis.

Total external sales volume declined 3.6% year over year to 737,366 tonnes.

The board recommended a final dividend of 15 Hong Kong cents. This will be paid on or around June 29 to shareholders on the register as of June 6, subject to shareholder approval.

Total dividend for 2017 amounted to 25 Hong Kong cents, up from 21 cents per share in 2016.

As of March 23, US$1 was equivalent to 6.31 Chinese yuan.