China Zhongwang Posts 3.3% Gain in H1 Profit

Leading aluminium extrusion producer China Zhongwang Holdings Ltd. reported a 3.3% gain in the first half profit on increased sales and improved profit margins.

Zhongwang made a net profit of 1.07 billion yuan ($174 million) or 0.20 yuan per share in the first six months, the company told Hong Kong Stock Exchange on Wednesday.

The company improved gross margins for its extrusion products to 28% in the period from 23.4% a year ago, offsetting declines in aluminium ingot prices, it said.

Total sales volume of aluminium extrusion amounted to 316,014 tonnes in the period, an increase of 10.5% from a year ago, with a significant growth in deep-processed product sales volume of 130.9% year-on-year to 26,260 tonnes, it said in its interim report.

The group continued to expand its production capacity for large cross-section aluminium extrusion products and deep-processed products such as all-aluminium alloy truck bodies, it said.

In addition, the Group’s aluminium flat rolled product project with a total designed production capacity of 3 million tpy is progressing as planned in Tianjin. The first phase with a capacity of 1.8 million tpy is expected to complete construction and commence production in 2015, it said.

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