Chalco shares tank on profit slump
By Zhou Yan | China Daily | Updated: 2009-03-31 07:50
SHANGHAI: Shares of Aluminum Corporation of China Ltd (Chalco) dropped heavily yesterday on both the Shanghai and Hong Kong bourses after it released a worse-than-expected 2008 earnings report on Sunday.
The company's A share sank 3.76 percent to close at 10.49 yuan in yesterday's trade while in Hong Kong, it shed 11.97 percent to close at HK$4.57.
The country's largest alumina producer said yesterday that it will also trim capital expenditure by 34 percent to 13 billion yuan this year, and will focus on projects under construction.
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