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Tongling Says H1 Net Profit Down 48%

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Huludao Zinc Posts $7.3 million Loss in H1

SHANGHAI, Aug. 31 -- Tongling Nonferrous Co, China's third-biggest copper smelter, said its net profit fell 48% in the first half on lower copper and sulfuric acid prices.
&nbsp;&nbsp;&nbsp; Net profit was RMB 305 million (USD 44.6 million), while sales reached RMB 9.3 billion, down 47% year-on-year.
&nbsp;&nbsp;&nbsp; &quot;During the first six months this year, both copper and sulfuric acid prices were much lower than the corresponding period last year, undermining our profitability,&quot; the company said in its results statement.
&nbsp;&nbsp;&nbsp; Output fell slightly, dropping 0.37% to 316,500 mt due to maintenance and copper scrap shortages.
&nbsp;&nbsp;&nbsp; Tongling also said the shortage of raw materials and weak sulfuric acid prices would continue to weigh on its profitability.
&nbsp;&nbsp;&nbsp; &quot;Sulfuric acid prices are still weak and spot copper treatment and refining charges (TC/RCs) are falling as well,&quot; said Tongling Nonferrous.
&nbsp;&nbsp;&nbsp; Spot TC/RCs were about USD 20mt/ Cents 2/lbs by the end of June, down 73% from the 2009 benchmark of USD 75/mt /Cents 7.5/lbs.
&nbsp;&nbsp;&nbsp; &quot;In the short term, it is impossible for us to raise the reliance on our own copper concentrates, which will be a potential problem,&quot; said Tongling.
&nbsp;&nbsp;&nbsp; (Source: Metal Bulletin) 
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Tongling Says H1 Net Profit Down 48% | Shanghai Non ferrous Metals

Tongling Says H1 Net Profit Down 48%

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