Minmetals Development sees 40 percent rise in net profit in 2011
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Shanghai-listed Minmetals Development Co., a Chinese company mainly engaged in domestic and international trading of steel products, iron ore, coal and coke, has announced its financial results for 2011.
Accordingly, in the given year the operating revenue of Minmetals Development, which is a subsidiary of state-controlled metals and minerals trading company China Minmetals Corp., amounted to RMB 162 billion ($25.71 billion), rising by 23.27 percent year on year, while it achieved a net profit of RMB 538 million ($85.4 million), up 39.76 percent compared to 2010. Its earnings per share for the year came to RMB 0.5017 ($0.0796). The company attributed its strong performance principally to product quality improvement and consolidation of its market position.
Minmetals Development is targeting an operating revenue of RMB 160 billion ($25.4 billion) in the current year.