Ji En Nickel Reports Losses in Net Profits H1

SHANGHAI, Sept. 15 (SMM) – Ji En Nickel Industry Co. suffered a loss of 350 million yuan ($ 54.9 million) in net profits in H1, down 9,206.11 % YoY, SMM reported.

The company gained revenues of 2.25 billion yuan in the first half of 2015, up 58.08 % from a year ago and achieving 56.3% of the whole year’s plan. Even so, the company still registered heavy losses due to 77.43% rise in operating costs, 84.45% growth in selling expenses and 395.83% increase in financial expenses, all on the YoY basis.

Revenues from refined nickel increased 113.45% YoY during Jan.-Jun. but surge in sales, resulting from slipping refined nickel prices, added to operating costs by 138.48% YoY. Meanwhile, gross margin slid 9.87 percentage points YoY. SMM #1 nickel prices averaged 101,000 yuan per tonne in H1, down 9.36% YoY. Gross margin from nickel salt grew 8.72 percentage points to 28.64%.

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