China Zhongwang's Profit for H1 Hits HK$2.09 bln

HONG KONG, Aug. 13 -- China Zhongwang Holdings Ltd<1333> on Aug. 10 posted RMB 2.09 billion-net profit for the first half of this year, reflecting a year-on-year increase of 28.8%, and its earnings per share were RMB 0.39.

The Hong Kong-listed firm, the world's third-largest extruded aluminum product maker, saw its gross profit margin reach 47.5%, an amount 7.8 percentage points higher than in the corresponding period of 2009, and the gross profit margin in aluminum section business reached significantly 99.7%.

During the period from January to June, the enterprise's operating revenue swelled 2.3% year on year to RMB 6.47 billion, and the revenue derived from aluminum section sales hit RMB 6.25 billion, accounting for 96.5% of the total.

As of Jun. 30, the firm, a leading aluminum extrusion products manufacturer in Asia and China, had around 640,000 tons in annual output capacity.

In earlier February, China Zhongwang signed a framework agreement with Qinghai Guoxin Aluminum Industry Co Ltd to acquire entire equities of the latter firm. If the acquisition will be completed in the latter half of this year, China Zhongwang's output capacity will hit 800,000 tons in 2010.