SHANGHAI, Apr. 28 (SMM) – China’s largest copper tube producer Zhejiang Hailiang Co.’s net profit rose 23.55% from a year ago in 2013 on increased sales of the metal products.
Zhejiang Hailiang made a net profit of 288.51 million yuan ($47 million) or 0.37 yuan per share last year, it said in a report filed to Shenzhen Stock Exchange today.
``With China’s urbanization advancing forward and energy-saving policy being implemented, domestic home appliance industry is ushering in a new round of development,’’ it said in its full-year financial report.
In addition, China’s evolving national defense industry is offering good opportunities for copper products, in marine field in particular, where Hailiang would strive to explore potential market this year, it said.
For instance, it signed a contract with French company Sidem to supply copper alloy tubes from March to November this year for sea water desalination, amounting to a total weight of 7,663 tonnes.
The company sold 201,600 tonnes of copper tubes and bars in 2013, representing a year-on-year increase of 19.43%.