China Zhongwang's Q2 Net Profit Up 50% on Rising Domestic Sales

Aug. 16, 2011 (China Knowledge) - China Zhongwang Holdings Ltd<1333>, the largest industrial aluminum extrusion product manufacturer in Asia and the second-largest one in the world, has said that its net profit jumped 50% year on year to RMB 247 million in the second quarter of this year.

The company saw its revenue surge 87% year on year to RMB 2.78 billion in the second quarter and sales in China grow at an even more impressive rate of 94%.

In the first half, the company's net profit plunged 80% to RMB 412 million from RMB 2.09 billion in the same period of last year, and its revenue fell 34% year on year to RMB 4.27 billion.

In order to alleviate the negative impact of the anti-dumping and countervailing duty investigations by the US in certain Chinese aluminium extrusion products, China Zhongwang continued its strategic transformation by increasing the weight of domestic market and that of high value-added products in the first half. The Chinese market has become the company's main source of revenue and profit.

In 2010, the company's net profit attributable to shareholders reached RMB 2.6 billion, declining 26.44% year on year.