SHANGHAI, Apr. 14 (SMM) – Jiangnan Group Ltd.’s net profit increased 33.9% year-on-year in 2013 as China’s capital investment in rural areas and continuous urbanization drove more power cable sales.
Jiangnan Group made a net profit of 503.5 million yuan ($81.5 million) last year, or 0.164 yuan per share, the company told Hong Kong Stock Exchange earlier this month.
Declines in the prices of copper and aluminium offset some of the Group’s revenue growth, however, it said in its full-year financial report.
Apart from infrastructure construction in rural and urban areas, construction of high-voltage electricity grid network is the third factor driving the company’s growth, Jiangnan Group said.
``The demand of high-voltage power cables increases as large-scale construction and reconstruction of urban electricity grid net work further expand,’’ it said in the statement, ``At present, the number of manufacturers involved in high-voltage power cable production is limited and all products are subject to strict testing certification.’’