Tongling Nonferrous Metals’ Profit Drops Over 70% in H1 2016

SHANGHAI, Jul. 13 (SMM) - Tongling Nonferrous Metals Co.’s earnings report released July 12 said its profit is expected to fall 77.26-92.42% to 20-60 million yuan in the first half of 2016, compared with 264 million yuan profit in the same period of last year, according to stcn.com.

Sharp decline in the average selling price of some products and rising financial cost are major reasons behind the precipitous drop in profit, the company says.

The company planned to slash its copper output to 1.20 million tonnes this year, compared with 1.31 million tonnes last year. 

The article is edited by SMM and is provided for information purpose only. SMM assumes no liability and does not warrant the accuracy, reliability or completeness of information contained or quoted in the article, either express or implied. SMM further disclaims any liability for losses in connection with the information contained or quoted in the article.

For news cooperation, please contact us by email: sallyzhang@smm.cn or service.en@smm.cn.