07 MAY 2013www.forbes.com
Shares in Shandong Nanshan Aluminium rebounded from three-year low
Edited by : AL CIRCLE
1 min read
Shares in Shandong Nanshan Aluminum, one of China’s largest non-government-controlled makers of aluminum products, on Friday bounced back from a three-and-a-half year closing low on hopes that China’s economic growth will pick up later this year.
The company fell on Thursday after it said net profit dropped by 52% in the first quarter from a year earlier to 91 million yuan, or $15 million. Revenue was little changed at 3.4 billion yuan. China’s biggest aluminum producer, Chalco, whose shares trade in Hong Kong, New York and the mainland, reported a loss of 988 million yuan at the end of last month on inventory write-downs and lower prices.
China in recent years has emerged as a key global market and supplier of aluminum products.
Nanshan’s main shareholder Song Zuowen ranked No. 882 on the 2013 Forbes Billionaires List with wealth of $1.7 billion.
The company fell on Thursday after it said net profit dropped by 52% in the first quarter from a year earlier to 91 million yuan, or $15 million. Revenue was little changed at 3.4 billion yuan. China’s biggest aluminum producer, Chalco, whose shares trade in Hong Kong, New York and the mainland, reported a loss of 988 million yuan at the end of last month on inventory write-downs and lower prices.
China in recent years has emerged as a key global market and supplier of aluminum products.
Nanshan’s main shareholder Song Zuowen ranked No. 882 on the 2013 Forbes Billionaires List with wealth of $1.7 billion.
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