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在线翻译:
szdaily -> Markets
Hongqiao profit dives on production closures
    2017-October-30  08:53    Shenzhen Daily

CHINA Hongqiao Group, the world’s biggest aluminum producer, saw its net profit for the first half of 2017 drop by 54.8 percent from a year ago after a 3.36 billion yuan (US$505 million) charge because of capacity closures tied to the government’s supply-side reforms.

Hongqiao, making its first proper results disclosure in more than a year, reported Friday net income of 1.48 billion yuan for the first half, versus 3.28 billion yuan a year earlier. The company also said it has applied for its shares to resume trading today after a seven-month hiatus.

Revenues were 46.2 billion yuan, up 82.1 percent from a year ago because of higher aluminium prices.

The company said it took the writedown after part of its production was suspended to comply with the government’s reform of industry capacity and increases in some raw material prices.

Hongqiao’s massive impairment gives an indication of how much smelters have been hurt by the government’s intensifying crackdown on aluminum firms, which have expanded at a ferocious pace over the past few years.

Hongqiao was forced to close 2.68 million tons per year of illegal smelting capacity by the end of July, with the cuts being gradually implemented ahead of time. (SD-Agencies)

 

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