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Luoyang molybdenum industry: semi-annual net profit pre-increased by 271% ≤ 295% benefited from rising prices of metals such as copper and cobalt

iconJul 31, 2018 11:08
Source:SMM

SMM7, July 31: Luoyang Molybdenum Industry released a pre-increase announcement on the evening of July 30. the announcement shows that the company expects to realize the net profit attributable to the shareholders of listed companies in the half year of 2018 compared with the same period last year. It will increase by 2.265 billion yuan to 2.465 billion yuan, an increase of 271.21 percent to 295.16 percent over the same period last year. the estimated range of net profit attributable to shareholders of listed companies in the half year of 2018 is 3.1 billion yuan to 3.3 billion yuan.

It is expected that the net profit attributable to shareholders of listed companies after deducting non-recurrent gains and losses in 2018 will increase by 1.97 billion yuan to 2.17 billion yuan, or 169.96 percent to 187.21 percent, compared with the same period last year. The forecast range of net profit after deducting non-recurrent profit and loss attributable to shareholders of listed companies in the half year of 2018 is 3.129 billion yuan to 3.329 billion yuan.

With regard to the main reasons for the pre-increase in performance, Luoyang Molybdenum said that the average market price of cobalt, copper, molybdenum and tungsten, the company's main metal products, rose significantly in the first half of 2018 compared with the same period last year. The company completed the non-public offering of A shares in July 2017. after 18 billion of the funds were raised, the interest expenditure was lower than that of the same period last year, and the interest income and investment income were higher than the same period of the previous year.

In addition, the company's exclusive lock-in of the Congolese (gold) copper-cobalt mine 24% minority ownership project was included in the consolidated statement after delivery on April 20, 2017, increasing the time for the company to enjoy 24% minority equity income compared with the same period last year.

The announcement read as follows:

Copper
Molybdenum
performance report
Luoyang Molybdenum Industry

For queries, please contact Michael Jiang at michaeljiang@smm.cn

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