Steel Guru
Midas announces Q3 2011 profit attributable to shareholders of CNY 27 million
Edited by : AL CIRCLE
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Midas Holdings Limited announced its financial results for the 3 months and 9 months ended September 30th 2011.
Group revenue rose 4.6% from CNY 248.0 million in the 3 months ended September 30th 2010 to CNY 259.3 million in Q3 2011. The Group's Aluminum Alloy Division recorded 5.0% increase in its Q3 2011 revenue to CNY 248.3 million which accounted for approximately 95.8% of total revenue.
The Transport Industry remains the largest revenue contributor to the Group's Aluminum Alloy Division accounting for 80.5% of the division's revenue in Q3 2011. The others segment which included mainly the supply of aluminum alloy rods and other specialized profiles for industrial machinery contributed 19.3% of revenue to the Aluminum Alloy Division. Revenue contribution from the Power Industry accounted for the remaining 0.2% of revenue.
The Group's overall gross profit margin declined from 35.7% in Q3 2010 to 33.5% in Q3 2011, mainly due to an increase in production cost. Selling and distribution expenses increased by approximately RMB3.6 million in Q3 2011 driven mainly by an increase in staff costs and higher transportation costs as compared with Q3 2010.
Group revenue rose 4.6% from CNY 248.0 million in the 3 months ended September 30th 2010 to CNY 259.3 million in Q3 2011. The Group's Aluminum Alloy Division recorded 5.0% increase in its Q3 2011 revenue to CNY 248.3 million which accounted for approximately 95.8% of total revenue.
The Transport Industry remains the largest revenue contributor to the Group's Aluminum Alloy Division accounting for 80.5% of the division's revenue in Q3 2011. The others segment which included mainly the supply of aluminum alloy rods and other specialized profiles for industrial machinery contributed 19.3% of revenue to the Aluminum Alloy Division. Revenue contribution from the Power Industry accounted for the remaining 0.2% of revenue.
The Group's overall gross profit margin declined from 35.7% in Q3 2010 to 33.5% in Q3 2011, mainly due to an increase in production cost. Selling and distribution expenses increased by approximately RMB3.6 million in Q3 2011 driven mainly by an increase in staff costs and higher transportation costs as compared with Q3 2010.
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