Xinren Holdings report positive results for FY14

China-based aluminium producer, Xinren Aluminium Holdings announced its results on Friday for the year 2014 ending in Dec 31, reporting net profits of 284.01 million Yuan rising from the previous year’s profits of 60.14 million Yuan.

Contributions from the Xinjiang plant are being included in the group’s financial statements since July 2014 resulting in a 76.4% boost in the revenue to 14.8 billion Yuan. Another 228.97 million Yuan was added in terms of subsidies from the local government resulting in Xinjiang plant’s lower electricity costs.

Compared to last year’s 1.68 billion, the cash and cash equivalents of the company rose to 313.91 million yuan. The company plans to increase the production at Xinjiang Plant from 800,000 tons in FY2014 to 1.1 million tons by the end of 2015. Xinren also intends to add two more power generating unit expected to be fully operational in 2015 taking the total number of power generating units to six.

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