SHANGHAI, Mar. 21 (SMM) – Shandong Nanshan Aluminium Co. reported an 8.66% year-on-year gain in net profit in 2013 and cited increasing competition from South East Asia and South America with the global economy staying fragile.
Shandong Nanshan made a net profit of 793.63 million yuan ($128.74 million) last year or 0.41 yuan per share, the company told Shanghai Stock Exchange on Thursday.
Aluminium prices on London Metal Exchange were in a discount of over $200 per tonne to Shanghai Futures Exchange prices for most of the time in 2013, leading to ``a continuous contraction in the overseas market’’ for Chinese export sales, Shandong Nanshan said in its financial report.
At the same time, aluminium fabricators in Vietnam, Malaysia, Burma and Brazil hastened development and encroached market shares all around, it said.
The company’s production and sales of extrusion products gained by 7.12% from a year ago in 2013, that of hot-rolled products rose by 23.41% and cold-rolled products climbed by 69.46%, it said.