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Jiangxi Copper posts fastest annual net profit growth in seven years-2018 China(Guangzhou)Int’l Non-Ferrous Metal（Copper）Exhibition
3/30/2018 有色金属展-Copper exhibition -non-ferrous metals expo |
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Reuters quoted Jiangxi Copper Co Ltd, one of China''s biggest copper smelters, said that its 2017 net profit more than doubled, growing at the fastest pace in seven years, mainly due to higher copper prices. The Nanchang based company also aims to increase its copper output in 2018, though it will be monitoring the market due to the country''s expected slower growth in key infrastructure sectors and rising inventories.
Jiangxi Copper''s net profit for 2017 came in at 1.60 billion yuan (USD 254.34 million), up 104.6 % from a revised 784.1 million yuan a year earlier, it said in a filing on the Shanghai stock exchange. Fourth quarter profit came in at 23.4 million yuan, versus a loss of 201 million yuan a year ago.
Jiangxi Copper said that revenues were up 1.35 % to 205 billion yuan in 2017.
It said that apart from rising metal prices, with the benchmark three-month copper prices on the London Metal Exchange climbing by over 30 % in 2017, non-recurring items and provisions of assets impairment helped boost net profit.
Jiangxi Copper said that "We expect copper prices to hover around highs in 2018 due to domestic property and infrastructure sectors experiencing easing growth, monetary policy remaining relatively tight and rising copper inventories."
Jiangxi Copper set its output for copper cathode at 1.42 million tonnes this year, up from 1.37 million tonnes in 2017.
The results announcement comes as Jiangxi Copper and nine other Chinese smelters are due to meet in Shanghai on Friday to set their floor treatment and refining charges for copper concentrate in the second quarter.
Miners pay TC/RCs to the smelters to process their ore.
有色金属展-铜材展-2018年广州国际有色金属工业（铜业）展览会
-2018 China(Guangzhou)Int’l Non-Ferrous Metal（Copper）Exhibition
-Non-Ferrous Metal exhibition, 2018
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