Zhejiang Hailiang: Net Profits in the First Three Quarters Up 60-80% YoY

SHANGHAI, Oct 14 (SMM) – Zhejiang Hailiang issued a forecast saying that the profits are expected to stand at 870-980 million yuan in the first three quarters, a year-on-year increase of 60-80%.

The forecast stated that the reasons for the changes in performance are as follows: During the reporting period, the global economy showed a recovery growth trend, and downstream demand continued to increase; however, the spread of the mutant virus brought new challenges to pandemic prevention and control as well as economic activities. Copper and other raw materials prices remained high, which has put continuous pressure on the production and operation of processing enterprises. Under such context, the company vigorously implements the smart manufacturing strategy, accelerates the full application of a new generation of low-carbon smart and efficient copper pipe production lines, and continues to optimise management and cut costs, further enhancing profitability and product sales.