August 26 – Jiangxi Copper  posted a 99.07-percent year-on-year growth in interim net profits to 4.23 billion yuan, reports China Business News, citing a company filing. Sales revenues grew 57.89 percent year-on-year to 59.32 billion yuan.

The firm produced some 485,000 tons of tough cathodes, up 7.03 percent year-on-year, and 12,840 kilogram of gold, up 23.3 percent. Output of silver rose 25.74 percent year-on-year to 298 tons while output of sulphuric acid fell 1.64 percent to 1.2 million tons.

The firm also produced 830,000 tons of pyrite concentrate, up 9.21 percent year-on-year and 33,000 tons of copper other than rod lines, an increase of 6.45 percent.

The copper price stayed at a high level, although it is constrained from moving higher due to a weak global economy during the reporting period.

During that period, the average three month settled copper closing price in LME hit US$9,408 per ton, up 31.41 percent year-on-year. The weighted average price of three month copper futures at the Shanghai Futures Exchange rose 21.52 percent year-on-year to 70,125 yuan per ton.

According to Xiao Shijun, analyst at Guodu Securities, the operation of it update projects could improve output and performance will be still in good perspective due to increase in output and prices.

Jiangxi Copper currently has a price-to-earnings ratio (P/E) that is far below other non-ferrous makers.

Source:Capitalvue