Chalco net profits soar in Q1
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| View of the booth of the Aluminum Corporation of China at an exhibition in Beijing. [Photo/VCG] |
BEIJING - Net profits of the Aluminum Corporation of China Limited (Chalco), China's top aluminum producer, increased sharply in the first quarter.
The company made 920 million yuan ($130 million) net profit in the first three months, nearly four times the amount in the same period last year. Revenue approximately doubled, according to the company's first quarter report released Tuesday.
"The profits are associated with the long-term promising outlook in the economy," an official of Chalco said, adding that improved management also boosted profits.
Chalco made a total profit of about 1.66 billion yuan last year, 11 times the 2015 level. The company posted a strong start this year with the first quarter profits making up more than half of the full-year figure of 2016.
Analysts attributed Chalco's good performance to cost control and proper handling of "zombie enterprises".
