HONG KONG, Aug 24, 2010 - (ACN Newswire) - Metallurgical Corporation of China Ltd. ("MCC" or "The Company", stock code: 1618), one of the largest engineering and construction companies in the PRC and worldwide, is pleased to announce its unaudited interim results for the six months ended 30 June 2010 ("the Reporting Period"). for the year ended 30 June 2010. During the first half of 2010, the Company's revenue amounted to RMB88,850 million, representing a year-on-year increase of 18.24%. Profit for the period amounted to RMB2,596 million, representing a year-on-year increase of 0.78%.
-- Revenue amounted to RMB88,850 million, representing a year-on-year
increase of RMB13,708 million or 18.24%.
-- Profit for the period amounted to RMB2,596 million, representing a
year-on-year increase of RMB20 million or 0.78%.
-- Profit attributable to equity holders of the Company amounted to
RMB2,275 million, representing a year-on-year increase of
RMB140 million or 6.56%.
-- Basic earnings per share amounted to RMB0.12.
-- Newly-signed contract value amounted to RMB156,060 million,
representing a year-on-year increase of 38.96% from 2009,
including USD1,587 million of newly-signed overseas contracts.
Profit attributable to equity holders of the Company amounted to RMB2,275 million, representing an increase of 6.56% compared to the same period last year. Basic earnings per share amount to RMB0.12. Total assets as at 30 June 2010 amounted to RMB260,223 million, representing an increase of RMB30,660 million. Total equity amounted to RMB47,490 million, representing an increase of 8.45%. Newly-signed contract value amounted to RMB156,060 million, representing a year-on-year increase of 38.96% from 2009, including USD1,587 million of newly-signed overseas contracts.
Reviewing the first half of 2010, Mr. Shen Heting, the president of MCC, said: "Amid an ever-changing external business environment, MCC looked to enhance its principal business to boost fundamentals and improve its scientific development. To such end, it brought new ideas to business, adjusted industrial structure, and improved growth pattern and management quality. MCC achieved synergies and steady growth across our four principal business segments, namely engineering and construction, equipment manufacturing, resources development and property development. China Metallurgical Group Corporation, with MCC as its core asset, ranked from 380th in 2009 to 315th in the Fortune Global 500 companies in 2010, thus enhancing its corporate profile."
The revenue of four principal business segment of the Company for the six months ended 30 June 2010 all increased as compared to the corresponding period last year. Being attributable to the settlement of the revenue of previous metallurgical projects and acceptance and execution of non-metallurgical projects, segment revenue from engineering and construction business increased by 7.77% compared with the same period in 2009 to RMB70,859 million.
Compared to the same period last year, segment revenue from the equipment manufacturing business increased by RMB243 million to RMB4,618 million for the Reporting Period. Leveraging on the technological edges it has developed from its experiences in metallurgical engineering and construction, the Company has increased its market share in the equipment manufacturing business through industrialization of its core technology and a product-oriented strategy. The Company has formed a relatively comprehensive industry chain in the metallurgical equipment manufacturing industry which covers research, design, testing and manufacturing. This has increased the ability of the Company to accelerate industrialization of core technologies, and has built a foundation for the rapid development of its equipment manufacturing business.
Segment revenue from resources development business for the Reporting Period was 41.36% higher than the same period last year to RMB4,327 million. The increase is mainly attributable to the increase in sales volume and average sales price of the products of our subsidiary MCC Huludao Nonferrous Metals Group Co., Ltd. and the increase in the sales volume of other products of the Company such as polysilicon and copper-gold.
In the Reporting Period, segment revenue of property development business increased by 321.90% to RMB7,725 million. The increase is mainly attributable to the sales and recognition of revenue of various projects, including commodity properties, primary land development and social welfare housing projects during the Reporting Period. In addition, continuing rise in sales prices of properties from January to June 2010 also contributed to the revenue growth of our property development business.
Looking foward, President Shen said: "Over the longer horizon, the world's economy is to recover at a steady pace and the PRC economy will continue to see rapid growth momentum. With stable capacity in all infrastructure construction in China, enormous opportunities came up for investment in overseas construction projects. Meanwhile, the phasing-out of obsolete capacity in the domestic iron and steel industry will also present new opportunities to the Company. MCC is to adhere to its scientific concept of development and focus on enhancing its principal business to boost fundamentals. In a bid to adjust industrial structure and hasten technological innovation, we will look to strengthen risk control, promote lean management and seize market share in China and abroad to enhance our overall competence, boost profitability of all principal business segments and enhance our scientific development. Under the strong leadership of the board of directors of the Company, and with concerted efforts and strong resilience, MCC is to weather the storm to ensure all year-round targets are met and excel the market as a token of thanks for the care of all shareholders and friends from all circles of life.
Consolidated Income Statement
For the six months ended 30 June
2010 2009
RMB million RMB million
Unaudited Unaudited
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Revenue 88,850 75,142
Cost of sales (79,977) (68,091)
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Gross Profit 8,873 7,051
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Selling and marketing expenses (594) (387)
Administrative expenses (3,767) (3,004)
Other income 446 490
Other (losses)/gains-net (132) (110)
Other expenses 71 (50)
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Operating profit 4,716 4,171
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Finance income 282 229
Finance costs (1,421) (1,174)
Share of profits of associates 39 40
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Profit before income tax 3,616 3,266
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Income tax expense (1,020) (690)
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Profit for the year 2,596 2,576
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Attributable to:
Equity holders of the company 2,275 2,135
Non-controlling interests 321 441
2,596 2,576
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Earnings per share for profit attributable to
Equity holders of the company
- Basic earnings per share (RMB) 0.12 0.16
- Diluted earnings per share (RMB) 0.12 0.16
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Dividends - 1,875
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Contact:
Wonderful Sky Financial Group Company Limited
Cherry Qiu
Dir: +852 3970 2185
Email: cherryqiu@wsfg.hk
Daisy Sun
Dir: +852 3970 2183
Email: daisysun@wsfg.hk
Betty Li
Dir: +852 3970 2126
Email: bettyli@wsfg.hk
Fax: +852 2815 1352
Topic: Earnings
Source: Metallurgical Corporation of China Ltd.
Sectors: Metals & Mining, Daily Finance
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