China’s Chalco profits soar in Q1
Apr 27, 2017-
Net profits of the Aluminium Corporation of China Limited (Chalco), China’s top aluminium producer, increased sharply in Q1. The company made 920 million yuan (about $130 million) net profit in the first three months, nearly four times the amount in the same period last year. Revenue approximately doubled, according to thecompany’s first quarter report released on Tuesday. “The profits are associated with the long-term promising outlook in the economy,” an official of Chalco said, adding that improved management also boosted profits. Chalco made a total profit of about 1.66 billion yuan last year, 11 times the 2015 level. The company posted a strong start this year with Q1 profits making up more than half of the full-year figure of 2016. Analysts attributed Chalco’s good performance to cost control and proper handling of “zombie enterprises”.
Published: 27-04-2017 10:17