SHANGHAI, Aug. 29 (SMM) – Anhui Jingcheng Copper Co.’s net profit jumped 5,018.60% year-on-year in the first six months, as its profit margins from the high-precision copper plate/sheet and strip project surged, the company reported in the midyear report filed to Shenzhen Stock Exchange.
The company made a net profit of 21.87 million yuan ($3.55 million) in the first half of this year, compared with just 427,300 yuan over the same period last year.
Jingcheng Copper’s 30,000 tpy high-precision copper plate/sheet and strip project hit full capacity this year, with output growing 32.3% from a year ago to 15,300 tonnes in the first six months. The project realized 20.06 million yuan in “gross profit”, surging 373.71% from a year earlier.
The company expects its net profit to increase 15-45% to 30.63-38.62 million yuan in the first three quarters, given steady sales growth and lower raw material costs. In addition, Jingcheng Copper managed to raise 115.04 million yuan by June, and part of the funds will be used for the 25,000 tpy technology upgrade project and a new 5,000 tpy product mix upgrade project at its subsidiary Wuhu Chujiang Alloy Copper Material Co. The move is expected to help improve Jingcheng Copper’s profitability and competitiveness.
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