China Zhongwang’s profit in 2016 up 12.1% on healthy automotive demand
According to an SMM report, China Zhongwang posted a 12.1% rise in net profit to 3.14 billion yuan in 2016. The rise in profit was primarily driven by rapid expansion in the automotive aluminium market in Asia, North America and Europe. The result was published in the company’s 2016 earnings report.
China Zhongwang is the second largest industrial aluminium extrusion product developer and manufacturer in the world and the largest in Asia. It has more than 90 production lines with a total annual production capacity of about 1.2 million tons.
Aluminium processing business is main driver of its performance in 2016, with sales registering an increase of 22.7% YOY to 90,000 tonnes and sales revenue up 25.1% to 2.44 billion yuan.
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Total sales increased 3.9% YOY to 765,000 tonnes, generating an income of 16.7 billion yuan.
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