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CITIC Resources' H1 profit up 186% YOY to HK$529.1M

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CITIC Resources' H1 profit up 186% YOY to HK$529.1M

CITIC Resources Holdings Ltd. said July 27 that it booked attributable net profit of HK$529.1 million, or HK$6.73 per share, in the first half, reflecting a 186% increase yearly.

Revenues rose 40.1% to HK$2.15 billion, partly due to a turnaround in its aluminum smelting segment, attributable to higher commodity sales volumes and average selling prices.

The Portland aluminum smelter in Victoria, Australia, ramped up production during the half after returning to full production capacity in the fourth quarter of 2017.

CITIC's coal business recorded a lower profit on a yearly basis due to impairment costs for capital works, but the impact was cushioned by an increase in sales volumes, a comparable average commodity selling price and reduced costs.

The company will not pay an interim dividend for the period.