Huludao Zinc Reports 30.37% Decline in H1 Profit on Depressed Metal Prices, Weak Demand

SHANGHAI, Aug. 21 (SMM) – Huludao Zinc Industry Co. made a net profit of 43.97 million yuan ($7.13 million) in the first half of this year, down 30.37% from the same period last year, it said in the interim report filed to Shenzhen Stock Exchange.

Huludao Zinc blames the profit decline to negative macroeconomic conditions at home abroad, and depressed nonferrous metal prices, as well as unimproved demand.

The company’s profit margin from its lead and zinc product businesses dropped 1.76 percentage point year-on-year to 8.39%. Through the first six months, it produced 135,000 tonnes of nonferrous metals, the interim report indicates.

Huludao Zinc’s shares had been suspended from trading on the Shenzhen Stock Exchange since May last year, and relisted August 6, 2014, after it managed to turn to a profit in 2013. The company’s stock prices surged on August 6, but fell by the daily limit the next trading day.