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Home / Metal News / Tongling Nonferrous Metals’ Profit Drops Over 70% in H1 2016

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

Jul 13, 2016 09:38

Source: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.

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.

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