Jiangxi Copper`s annual net profit rises for first time in 5 years
Source: www.chinamining.org Citation: Reuters Date: March 30, 2017
Jiangxi Copper Co Ltd , China`s biggest integrated copper producer, posted on Wednesday its first rise in annual net profit in five years, helped by cost controls and higher metal prices.
Jiangxi Copper`s net profit rose 23.6 percent to 787.5 million yuan ($114.34 million) in 2016, it said in a filing to the Shanghai stock exchange. The last time the producer recorded a net profit rise was in 2011, according to company data on Eikon.
"Even though non-ferrous metal prices were increasing steadily, there were still challenges in the market," Jiangxi Copper said. "However, we implemented a series of effective measures to resolve the issues to achieve our operational targets."
China`s non-ferrous metals producers have been reporting better financial results in 2016, helped by recovering global prices, which rose by around 18 percent during the year, and the country`s increase in infrastructure building.
This week, Yunnan Copper Co Ltd posted a 683.8 percent rise in 2016 net profit, mainly helped by cost cuts and increasing output.
($1 = 6.8875 Chinese yuan renminbi) (Reporting by Lee Chyen Yee in Singapore and Twinnie Siu in Hong Kong; Editing by Mark Potter)
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