Minmetals Development forecasts robust Q1 profit growth
Source: Xinhua | 2022-04-10
Minmetals Development Co., Ltd., a listed subsidiary company of the mining giant China Minmetals Corporation, forecast a 42-percent surge in net profit for the first quarter of the year.
Net profit is expected to reach 131 million yuan (about 20.5 million U.S. dollars) from January to March, according to the company's earnings forecast filed with the Shanghai Stock Exchange.
In the first quarter, the company strengthened market research and made timely use of hedging tools to defuse market risks amid rising prices of iron ore, steel and other bulk commodities, it said.
In 2021, the company's net profit rose to 479 million yuan, soaring 78.26 percent year on year.
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