HONG KONG, Sept 2, 2011 - (ACN Newswire) - Metallurgical Corporation of China Ltd. ("MCC" or the "Company", SEHK: 1618) is pleased to announce its unaudited interim results for the six months ended 30 June 2011 (the "first half of 2011" or the "Reporting Period").
-- Revenue amounted to RMB105,838 million, representing a
year-on-year increase of RMB16,988 million or 19.12%.
-- Gross profit for the period amounted to RMB9,879 million,
representing a year-on-year increase of RMB1,038 million
or 11.74%.
-- Basic earnings per share amounted to RMB0.10.
-- The total assets amounted to RMB319,206 million,
representing an increase of RMB30,985 million or 10.75%
as at 31 December 2010.
-- Newly-signed contract value amounted to RMB165,713 million,
representing a year-on-year increase of 6.2% from 2010,
including USD1,389 million of newly-signed overseas contracts.
During the first half of 2011, the Company's revenue amounted to RMB105,838 million, representing an increase of 19.12% as compared to 30 June 2010 (the "same period last year"). Gross profit of the Company amounted to RMB9,879 million, representing a year-on-year increase of 11.74%.
Profit attributable to equity holders of the Company amounted to RMB1,969 million, representing a decrease of 11.47% compared to the same period last year. Basic earnings per share amounted to RMB0.10. Total assets as at 30 June 2011 amounted to RMB319,206 million, representing an increase of RMB30,985 million as compared to 31 December 2010. Total equity amounted to RMB55,495 million, representing an increase of 3.71% as compared to 31 December 2010. Newly-signed contract value amounted to RMB165,713 million, representing a year-on-year increase of 6.2% from 2010, including USD1,389 million of newly-signed overseas contracts.
Reviewing the first half of 2011, the Company continued to expand its presence in the non-metallurgical engineering markets such as housing construction as well as transport infrastructure in addition to strengthening its edges over metallurgical engineering and construction. Meanwhile, its pent-up capacity of equipment manufacturing and resource development continued to come on stream. As a result, the Company maintained an overall steady development in the first half of 2011. As one of the largest engineering and construction companies in the world, MCC Group, which holds MCC as its core asset, moved up 18 places from 315th to 297th among the Fortune Global 500 companies most recently published.
The revenue of the four principal business segment of the Company increased as compared to the same period last year. Attributable to the implementation of unfinished projects and acceptances and implementation of newly signed projects, segment revenue from engineering and construction business increased by 16.37% to RMB82,458 million over the same period last year.
Revenue from the equipment manufacturing business increased by RMB2,165 million from the same period last year to RMB6,783 million. The increase was mainly attributable to the growth of the steel structure market and the Group's acceptance of large steel structure projects. Meanwhile, upon commencement of production in 2010, the new production lines in CERI Yingkou Equipment Development and Manufacturing Co., Ltd, a subsidiary of the Company ramped up to full production capacities in 2011. This was another contributor to the increase in revenue of the segment.
Segment revenue from resources development business was 52.90% higher than the same period last year to RMB6,616 million. The increase was mainly attributable to the increase in sales volume and average sales price of polysilicon of Luoyang China Silicon Hi-tech Corporation, a subsidiary of the Company. Meanwhile, there was an increase in sales volume of other products of the Group, such as hot dipped galvanized steel, zinc ingots and copper-gold, etc..
Segment revenue of property development business increased by 11.87% or RMB917 million from the same period last year to RMB8,642 million, mainly attributable to recognition of revenue of various projects from property companies, which are subsidiaries of the Company.
Looking ahead, the Company will conscientiously implement the State macro-control policies, and actively respond to the complex and volatile economic environment by accelerating industrial upgrading and structural adjustment, optimizing allocation of resources, strengthening innovation management and accelerating the pace of building itself into an internationally competitive world-class enterprise. The Company will adhere to its scientific concept of development and the principle of "strengthening core business to boost competitive edge". To this end, it will focus on the restructuring of its industry profile and technological innovation, as well as the strengthening of risk control and lean management, in a bid to capture the domestic and foreign markets, enhance its competitiveness on all fronts, and return to its shareholders and parties from all circles with excellent performance.
Contact:
Wonderful Sky Financial Group Company Limited
Daisy Sun
Dir: +852 3970 2185
Email: daisysun@wsfg.hk
Echo Hu
Dir: +852 3970 2183
Email: echohu@wsfg.hk
Anni Li
Dir: +852 3970 2126
Email: annili@wsfg.hk
Jessie Bok
Dir: +852 3970 2136
Email: jessiebok@wsfg.hk
Fax: +852 2598 1588
Topic: Earnings
Source: Metallurgical Corporation of China Ltd.
Sectors: Daily Finance, Engineering
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