China's Minmetals Development H1 Net Profit Jumps 329%

BEIJING, Aug. 30 -- China's Minmetals Development, a unit of China's leading non-ferrous metal producer, said its net profit for the first half this year jumped 329.31 percent.

Net profit totaled 374 million yuan ($55 million) and earnings per share stood at 0.3487 yuan, up 329.43 percent year-on-year, the company said in a statement filed to the Shanghai Stock Exchange on Saturday.

Its first-half revenues grew by 105.74 percent year on year to 63.5 billion yuan, according to the statement.

The firm, controlled by China Minmetals Corporation, attributed the strong performance to sharp gains in the prices and sales of iron ore, steel and ferroalloy as the market recovers.

Minmetals Development expected the steel and iron sector to face uncertainties in the second half this year as the government might step up measures to cool the property market, restructure the economy and reduce carbon emissions.