Western Mining: rising profits in Nonferrous Mining promote a sharp increase in profits

SMM: Western Mining released its mid-year results today. net profit attributable to shareholders of listed companies is expected to increase by 316 million yuan in the first half of 2018 compared with the same period last year (legally disclosed data), an increase of about 122 per cent over the same period last year. The net profit of deducting non-recurrent gains and losses belonging to shareholders of listed companies will increase by 304 million yuan, or about 118 per cent, compared with the same period last year (legally disclosed data).

According to the National Bureau of Statistics, profits in the non-ferrous metals industry rose 20.7 percent in the first five months of this year compared with the same period last year. Boosted by this factor, Western Mining's profitability rose sharply in 2018, with net profit margins soaring from 0.63 last year to 5.03 per cent this year and debt ratios rising slightly to 60.64 per cent from 57.47 per cent last year.

Data from the National Bureau of Statistics

I. performance forecast for the current period

(I) performance forecast period

1 January 2018 to 30 June 2018.

(II) performance forecasts

1. According to preliminary calculations by the financial department, it is expected that the net profit attributable to shareholders of listed companies in the first half of 2018 will increase by 316 million yuan, or about 122 per cent, compared with the same period last year (legally disclosed data).

2. The net profit of deducting non-recurrent gains and losses belonging to shareholders of listed companies will increase by 304 million yuan, or about 118 per cent, compared with the same period last year (legally disclosed data).

II. performance for the same period last year

(1) net profit attributable to the shareholders of the listed company: 260.04 million yuan. Net profit attributable to shareholders of a listed company after deducting non-recurrent gains and losses: 258.47 million yuan.

(B) earnings per share: $0.11.

III. main reasons for the pre-increase in performance for the current period

1. The market price of the company's main products rose compared with the same period of last year;

2. The 82.96% equity acquisition of Sichuan Huidong Daliang Mining Co., Ltd. was completed on January 4 this year. in this period, it is included in the scope of consolidation of the company's financial statements, which contributes a lot to the company's profits.