09 SEPTEMBER 2011CHINADAILY
Zhongwang seeks domestic safe haven
Edited by : AL CIRCLE
1 min read
Although exports to the US have been severely hurt by anti-dumping measures on aluminum products, the company said its plan to shift focus to the mainland is starting to bear fruit.
In August, China Zhongwang Holdings Ltd, Asia's largest manufacturer of industrial aluminum extrusion parts, reported that the group's net profit for the six months ended June 30, 2011 declined by 80 percent this year to 412 million yuan ($64.5 million) from 2.1 billion a year earlier.
This followed the publication of its 2010 full-year results in March whereby net profits declined 26 percent year-on-year. Zhongwang, which had previously been heavily dependent on the US market, basically halted its exports to that country after the American authorities initiated an anti-dumping and countervailing duties investigation in April of last year.
Nevertheless, Zhongwang's significant improvement in its mainland business suggested that the group's strategic transformation on the distribution of its portfolio has delivered notable results, Vincent Cheung, chief financial officer of the group, told China Daily in an exclusive interview.
In August, China Zhongwang Holdings Ltd, Asia's largest manufacturer of industrial aluminum extrusion parts, reported that the group's net profit for the six months ended June 30, 2011 declined by 80 percent this year to 412 million yuan ($64.5 million) from 2.1 billion a year earlier.
This followed the publication of its 2010 full-year results in March whereby net profits declined 26 percent year-on-year. Zhongwang, which had previously been heavily dependent on the US market, basically halted its exports to that country after the American authorities initiated an anti-dumping and countervailing duties investigation in April of last year.
Nevertheless, Zhongwang's significant improvement in its mainland business suggested that the group's strategic transformation on the distribution of its portfolio has delivered notable results, Vincent Cheung, chief financial officer of the group, told China Daily in an exclusive interview.
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