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August 29, 2009

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Minmetals sees nearly 95% plunge in net profit

NET profit of China Minmetals Non-ferrous Co Ltd, the country's largest metals trader, tumbled 94.86 percent in the first half of the year from a year earlier to 87.07 million yuan (US$12.87 million), said the company in its half-year report yesterday.

The firm attributed the sharp decline in its first-half profit to a gloomy operating environment during the period with steel and non-ferrous metals prices plunging.

Revenue in the first six months of the year totaled 30.8 billion yuan, a drop of 48.75 percent from a year earlier. But the company said month-on-month figures showed total operating performance was trending upward as a result of prompt strategic adjustments.

Earnings per share slumped 95.03 percent year on year to 0.081 yuan.

The firm's share price sank 5.06 percent to close at 18.2 yuan in Shanghai yesterday.

Founded in 1950, the company is a large state-owned group that specializes in producing and trading metals and minerals. Its revenue in 2008 totaled US$27.7 billion, up 28 percent from 2007.

It acquired Australian miner OZ Minerals Ltd, the world's No. 2 producer of zinc, for US$1.386 billion on June 11.


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