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Chalco flags 85% YOY increase in FY'16 net profit

Aluminum Corp. of China Ltd. or Chalco, expects its net profit attributable to shareholders to increase about 85% year over year to 380 million Chinese yuan in 2016.

The company on Jan. 19 said its total profit in 2016 is expected to increase about 7.3x over the prior year to 1.60 billion yuan, based on initial calculations.

This gain would be driven by a reduction in financial expenses and an increase in gross profit margin by focusing on cutting costs and enhancing efficiency, the company said.

Chalco posted a net profit of 206.3 million yuan in 2015.

As of Jan. 18, US$1 was equivalent to 6.83 Chinese yuan.