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Western Mining profit slumps on smelting losses
By Richard Fu |
March 16, 2012, Friday
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Online Edition
Online Edition
CHINA'S Western Mining Co posted a 13 percent decline in net profit last year due to higher income tax and losses in some smelting units.
Earnings fell 13.2 percent to 859 million yuan (US$136 million), or 0.36 yuan per share, the lead and zinc concentrate maker said in a results announcement filed with the Shanghai Stock Exchange. Sales rose 14.9 percent to 21.27 billion yuan.
Lower net profit was mainly caused by a higher income tax rate on its copper unit in Bayan Nur, Inner Mongolia as well as losses made by some of its smelting units, the company said.
"It was a complicated year in terms of the economic situation," the miner said. "Especially in October, turmoil in the global economy has dealt a heavy blow to the Chinese economy, causing nonferrous metals prices to tumble."
Western Mining declared a dividend of 0.1 yuan per share.
Earnings fell 13.2 percent to 859 million yuan (US$136 million), or 0.36 yuan per share, the lead and zinc concentrate maker said in a results announcement filed with the Shanghai Stock Exchange. Sales rose 14.9 percent to 21.27 billion yuan.
Lower net profit was mainly caused by a higher income tax rate on its copper unit in Bayan Nur, Inner Mongolia as well as losses made by some of its smelting units, the company said.
"It was a complicated year in terms of the economic situation," the miner said. "Especially in October, turmoil in the global economy has dealt a heavy blow to the Chinese economy, causing nonferrous metals prices to tumble."
Western Mining declared a dividend of 0.1 yuan per share.
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