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Asset sales, debt restructuring boosts Metallurgical Corp. of China's Q1 profit

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Asset sales, debt restructuring boosts Metallurgical Corp. of China's Q1 profit

Metallurgical Corp.of China Ltd. increased its net profit attributable to shareholdersby 7.19% to 1.37 billion Chinese yuan, or 7 fen per share, in the first three monthsof the year, compared to the same period of 2015, despite a slump in its operatingincome.

Operating income for the first quarter slipped 6.18% year overyear to 42.57 billion yuan, according to the April 26 results.

The company's profit result was aided by a 30.8 million yuangain from the disposal of noncurrent assets, 90.0 million yuan worth of governmentsubsidies and 4.4 million yuan in savings due to debt restructuring.

Metallurgical Corp. of China also reduced its quarterly operatingcosts to 37.58 billion yuan from 39.86 billion yuan in the first quarter of 2015.

However, asset impairments widened to 213.4 million yuan in thefirst quarter from 43.7 million yuan a year earlier.

As of April 26, US$1 wasequivalent to 6.50 Chinese yuan.