Metals News
Ye Chiu Metal Recycling (China) Posts 92.15% Fall in H1 Profits on Falling Prices
company news
11:55AM
Source:SMM
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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Ye Chiu Metal Recycling (China) Ltd.
2014 H1 results
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