BRIEF: CMOC profit doubles on sales gains, better margins
3993.HK
603993.SHG
Mining company CMOC Group Ltd. (3993.HK; 603993.SH) reported Monday that its revenue rose 15.5% in the third quarter to 51.94 billion yuan ($7.29 billion), while its adjusted net profit excluding nonrecurring profits and losses jumped 158% to 2.93 billion yuan.
The company attributed the revenue growth to higher production and sales of copper and cobalt products. It said its strong profit gains owed to better management, which led to lower costs and better margins. CMOC’s Hong Kong-listed shares fell 3.5% to HK$6.53 in early Tuesday trade.
By A. Au
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