SHANGHAI, Aug. 19 (SMM) - Jianxin Mining Co. said in its semiannual report its net profit was 61.31 million yuan in the first half of this year, a drop of 35.49% year-on-year. Its business income rose 21.41% year-on-year to 487.92 million yuan, hexun.com reports.
The company’s profit fell due to lower selling price of major products compared to the same period of last year and falling ore grade, which led to higher cost. Its profit has been falling since 2015.
But the company is expected to enter a fast track due to promising zinc, which hit a 5-year high recently, said Guangfa Securities. Output cut and shutdowns worldwide affected 12% of global supply. Demand is also better than expected. Jianxin Mining’s net profit will increase 63 million yuan from every 1,000 yuan per tonne rise in zinc prices, providing that lead prices are unchanged.
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: firstname.lastname@example.org or email@example.com.