China’s NFC Doubles Net Profit in H1; Revenue from Metal Business Falls

SHANGHAI, Aug. 21 (SMM) – China Non-ferrous Metal Industry’s Foreign Engineering and Construction Co. (NFC) registered a net profit of 46.07 million yuan ($7.48 million) in the first six months, up 102.2% from a year ago, the company’s interim report filed to Shenzhen Stock Exchange indicates.

The sharp rise in net profit was largely contributed by engineering activities, while profit from its other major operations posted declines, the company said in the report.

NFC stepped up its efforts in exploring mineral resources and pushed ahead with its rare earth project in the first half of the year. The downside risk facing China’s economy and depressed prices for nonferrous metals caused the company’s revenue from metal mining and smelting operations to fall 18.15% year-on-year to 1.9 billion yuan, with gross profit also down 8.56% to 295 million yuan.