December 02, 2008

Minmetals expect its H1 2008 net profit to rise by 100%

It is reported that Minmetals Development Co expected its H1 2008 net profit to show a rise of at least 200% buoyed by expansion of its business.

The firm, controlled by China Minmetals said that its earnings were boosted by the acquisition of a steel plate producer in northeast China through a rights offer. It booked a net profit of CNY 385.05 million in the first six month of 2007.

As per report, the estimate for the first half was based on unaudited figures. Listed Chinese companies are required to issue preliminary estimates if they expect earnings for rise or fall more than 50%.

Minmetals Development said detailed first half figures would be released in its interim report.