October 07, 2008

China Molybdenum 2007 operating revenue up by 54.14% YoY

Hong Kong listed China Molybdenum Company Limited announced that it recorded an operating revenue of CNY 5.898 billion in 2007 up by 54.14% YoY. Its net profit amounted to CNY 2.24 billion, surging by 47.88% YoY.

Gross margin stepped down 6.7 percentage points to 61.4% due to payment of export tariffs on ferromolybdenum and molybdenum oxide. Besides, it sold ferromolybdenum at prices 8% higher than a year ago.

Mr Duan Yuxian chairman of China Molybdenum Company Limited said its molybdenum output would largely increase this year, thanks to be inaugurated roasting and smelting plant. It is contacting with related parties to acquire a molybdenum mine in Luanchuan County, Henan Province, central China in a bid to benefit from rising molybdenum prices.