Chalco net profits soar in Q1
Source: www.chinamining.org Citation: Xinhua Date: April 27, 2017
Net profits of the Aluminum Corporation of China Limited (Chalco), China`s top aluminum producer, increased sharply in the first quarter.
The company made 920 million yuan ($130 million) net profit in the first three months, nearly four times the amount in the same period last year. Revenue approximately doubled, according to the company`s first quarter report released Tuesday.
"The profits are associated with the long-term promising outlook in the economy," an official of Chalco said, adding that improved management also boosted profits.
Chalco made a total profit of about 1.66 billion yuan last year, 11 times the 2015 level. The company posted a strong start this year with the first quarter profits making up more than half of the full-year figure of 2016.
Analysts attributed Chalco`s good performance to cost control and proper handling of "zombie enterprises".
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