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Metallurgical Corp. of China FY'15 profit jumps 21% YOY

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Metallurgical Corp. of China FY'15 profit jumps 21% YOY

MetallurgicalCorp. of China Ltd. said March 29 that its net profit attributableto shareholders of the company for 2015 rose 21.11% year over year to 4.80billion Chinese yuan, or 24 fen per share.

The company also recognized an impairment charge of US$105million, equivalent to about 656 million yuan, on its nickel-cobalt project inPapua New Guinea, due to low prices for both commodities in the internationalmarket. The impairment wiped about 440 million yuan from the company's 2015 netprofit attributable to the parent.

Revenues for the year were up at 217.32 billion yuan,compared to 215.79 billion yuan in the prior year. Meanwhile, operating costsincreased to 213.08 billion yuan from 211.53 billion yuan in 2014.

The company's operating profit stood at 5.94 billion yuan,up from 5.29 billion yuan in the prior year.

As at Dec. 31, 2015, the group's total assets amounted to343.76 billion yuan, up 5.46% year over year.

The state-owned giant proposed a cash dividend of 55 fen forevery 10 shares, up from 50 fen proposeda year earlier.

In 2016, the company expects to record revenues of 230billion yuan.

As of March 28, US$1was equivalent to 6.48 Chinese yuan.