Chinalco's Pretax Profit Surges 127.8% in H1

Aug. 19, 2011 (China Knowledge) - Aluminum Corp of China, which is the country's largest nonferrous metal producer and is also known as Chinalco, said that its pretax profit surged 127.8% year on year in the first half of this year, sources reported.

The company attributed the robust growth to strong demand for aluminum, rare earths and copper.

The firm said in a statement that its revenue increased 10.9% in the first six months of this year.

Chinalco recorded strong growth in all its core businesses, including aluminum, copper, rare earths, and trade and construction, said Chinalco Spokesman Yuan Li, adding that the company is still doing final auditing and could not disclose the exact figures.

Chinalco, China's largest diversified miners by gross assets, is the parent company of Hong Kong-listed Aluminum Corp of China Ltd<2600>, which is also called Chalco, the largest alumina and aluminum producer in China.

Chinalco's nonferrous metal output slightly increased 0.3% in the first six months.

Last month, Chinalco, Guangxi Nonferrous Metals Group and Grirem Advanced Materials Co launched a rare earth joint venture in Nanning of the Guangxi Zhuang Autonomous Region. The three partners will invest a total of RMB 2 billion in the JV within three years.