SHANGHAI, Aug. 22 (SMM) – Ye Chiu Metal Recycling (China) Ltd. reported a 92.15% year-on-year fall in net profits to 5.64 million yuan ($ 0.91 million) during the first six months of the year, it said in its semiannual financial report.
The company attributed the slump in net profits to falling prices of copper, aluminum and lead, which sent its gross margin down 2.16% on the year and business revenues down 3.89% on a yearly basis to 2.3 billion yuan, the company added.
The company sold only 146,800 tonnes of aluminum ingot during H1 2014, down 11.49% from a year earlier, also partly contributing to the plunge in net profits, it said.
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