08 AUGUST 2014Shanghai Metal Market
Aluminum maker Zhongfu Industrial reports profit in H1 on improving aluminum consumption
Edited by : AL CIRCLE
1 min read
Chinese aluminium producer Henan Zhongfu Industrial Co. returned to profitability by registering a 3.05% year-on-year growth in net profit during the first six months, thanks to improving aluminum demand and upbeat macro news, according to the company’s interim report.
Zhongfu Industrial created 142.34 million yuan ($23.08 million) in net profit in the first of the year.
Aluminum consumption slipped at the beginning of the year as production at downstream fabricators slowed, while commissioning of new capacities left a glut in aluminum market.
Later, however, a pick-up in automobile and air conditioner sectors allowed operating rates at aluminum fabricators to increase, boosting aluminum consumption. That, combined with upbeat data from major economies and Indonesia’s ban on unprocessed ore exports, reversed downturn in aluminum market, helping Zhongfu Industrial break into the black.
Zhongfu Industrial created 142.34 million yuan ($23.08 million) in net profit in the first of the year.
Aluminum consumption slipped at the beginning of the year as production at downstream fabricators slowed, while commissioning of new capacities left a glut in aluminum market.
Later, however, a pick-up in automobile and air conditioner sectors allowed operating rates at aluminum fabricators to increase, boosting aluminum consumption. That, combined with upbeat data from major economies and Indonesia’s ban on unprocessed ore exports, reversed downturn in aluminum market, helping Zhongfu Industrial break into the black.
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