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Chinese aluminium giant Chalco increased net profit by 274 percent in 2017 compared to last year mainly due to higher aluminium prices. The company posted net income of 1.38 billion yuan in 2017, from net profit of 368.4 million yuan in 2016.
The company said in a filing to the Shanghai stock exchange that it generated revenue of 180.1 billion yuan, up from 144.2 billion yuan a year earlier, according to a report published by Reuters.
Chalco’s net profit decreased to 38.9 million yuan in the fourth quarter of 2017, from 599.1 million yuan in the previous quarter - its smallest gain since the first quarter of 2016, according to Reuters records.
Chalco had posted 1.36 billion yuan in profit in the first nine months of 2017.The company’s revenue rose 52.5 per cent during January- September. Chalco had generated revenue of 139.9 billion in the first nine months of 2017.
Last year, the company announced its plans to add 16 billion yuan of investment into five of its subsidiaries.
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