SHANGHAI, Aug. 8 (SMM) – Henan Mingtai Al. Industrial Co.’s net profit increased 58.84% year-on-year to 50.59 million yuan ($8.2 million) in the first six months, the company said in its mid-year financial report filed to Shanghai Stock Exchange.

Lower cost was among contributing factors to this growth in net profit, the company said. Mingtai completed its gas-fired power upgrade in the first half of the year, and acquired 90.4% stake in Henan Gongdian Heating Co. – a company engaging in power transmission projects and electricity distribution equipment, helping it cut power costs.

In addition, the company also secured approval for establishing the work station devoting to manufacturing and wider application of high-performance aluminum alloy plate/sheet, strip and foil, which paved way for its R&D in new aluminum products.

Notably, Mingtai has entered into agreement with CSR Sifang Co., a wholly-owned subsidiary of China South Locomotive and Rolling Stock Industry (Group) Corp., to jointly invest in a rail transit equipment company. This will largely drive the company’s business, particularly aluminum extrusion serving railway sector.


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