Actionable news
0
All posts from Actionable news
Actionable news in AA: ALCOA INC,

World’s Top Aluminum Producer Boosts Profit on Output

  • China Hongqiao’s production expands 28% in the first half
  • Goldman says lower costs raising profit more than expected

China Hongqiao Group, the world’s biggest aluminum maker, boosted net profit 21 percent in the first half after expanding output and grabbing market share as some higher-cost rivals stayed shut. Its shares surged to the highest in more than a year.

Net income rose to 3.3 billion yuan ($496 million) in the six months to June, from 2.72 billion yuan a year earlier, the Shandong province-based company said in a statement. Revenue gained 13 percent to 25.4 billion yuan as output rose 28 percent to 2.71 million metric tons, according to China Hongqiao.

While China’s aluminum industry benefited from a rise in domestic prices in the first half, they’re still lower on average than a year earlier, keeping pressure on higher-cost producers. China Hongqiao has been expanding supply even as China’s nationwide output and exports trail last year’s levels. The company is among the world’s lowest-cost producers after...


More