China Minmetals Development 2009 Profit down 50 pct on Falling Commodity Prices

BEIJING, Jan. 29 -- Minmetals Development Co., Ltd, the nation's leading non-ferrous metal producer, said on Thursday its profit slumped at least 50 percent in 2009 year on year as the global economic crisis dampened commodity prices.

Stagnant coke exports and recession in domestic iron and steel industry squeezed its profit margin, the company said in a preliminary estimation report posted on the Web site of the Shanghai Stock Exchange.

The company of which 64 percent of the shares are controlled by the China Minmetals Corporation, has yet to release its annual report of 2009.

In 2008, the company's profit totaled 895 million yuan (131.62 million U.S. dollars). Earnings per share was 0.85 yuan.