Fujian Minfa Aluminum's H1 profits down 23.67% on falling prices, rising costs

Fujian Minfa Aluminum INC. reported a 23.67% year-on-year fall in profits to 17.83 million yuan ($ 2.89 million) during the first six months of the year due to falling aluminum extrusion prices and rising costs, it said in its semiannual financial report.

Margins of aluminum extrusions were squeezed as curbs in the property sector and growing anti-dumping intensified competition in domestic market. Capacity expansions and rising wages added to its costs.

Business revenues, however, increased 6.91% from a year ago to 530.89 million yuan during H1, it added.

The company put part of its 40,000-tpy aluminum extrusion project into service during the report period, and the rest is undergoing debugging process and scheduled to come online at the end of the year.

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