Chuangxin Industries’ profit doubles on higher selling prices, lower energy costs
Electrolytic aluminum products maker Chuangxin Industries Holdings Ltd. (2788.HK) said on Friday it expects to report a profit of 2.2 billion yuan ($324 million) to 2.4 billion yuan for the first half of this year, representing a 154% to 177% increase from the year-ago period.
The company attributed the strong gain to higher selling prices for its products this year, and its greater use of renewable energy to lower production costs. It also credited improvements to its financial structure, which resulted in lower financing costs.
Chuangxin Industries’ revenue rose 23% last year to 18.7 billion yuan, while its net profit rose 33% to 2.73 billion yuan. The company raised HK$5.31 billion ($682 million) in its Hong Kong IPO last November by selling shares for HK$10.99 each. The stock closed at HK$15.48 on Friday, up about 40% from the IPO price.
By Doug Young
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