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China Hongqiao Group announced record earnings in six months on higher aluminium prices. The Group’s net income stood at 8.14 billion yuan ($1.25 billion) in January-June, an increase of 187.5% from a year earlier.
Revenues increased by 31.4% to 52.48 billion yuan as Shanghai aluminium prices were around one third higher than in the same period of 2020, Reuters reported.
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Hongqiao manufactured 2.801 million tonnes of aluminium alloy products in the first six months of 2021. That was up from 2.741 million tonnes a year earlier. Sales of alumina rose 23.9% year-on-year in financial terms.
Hongqiao expects sustained economic growth in China should see aluminium consumption to rise in the real estate, automotive and infrastructure sectors, driving prices for the metal higher in July-December 2021.
In a separate filing, the Group had appointed Christine Wong, who has been head of the company's investor relations department for 10 years, as an executive director.
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