China Hongqiao’s aluminium production declined 4.1% YoY in the first half of 2020
China Hongqiao Group, the world's biggest private-sector aluminium producer, reported 4.1% decline in production in the first half as it moved smelting capacity to southwest China to make use of hydro-electric power, Reuters reported.
The company said on Friday its production of aluminium alloy products - the term the company uses for primary aluminium production – stood at 2.741 million tonnes in January-June 2020. The decline in output was "mainly because the group relocated some production equipment to the Yunnan green aluminium innovation industrial park," the company said in a filing to the Hong Kong stock exchange.
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The company’s revenue declined by 3.6% to 39.94 billion yuan ($5.78 billion) in the first half of 2020.
Net profit stood 14.3% higher year-on-year following lower financial expenses and impairment losses. In January-June, net profit came in at 2.83 billion yuan.
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