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Jiangxi Copper Q1 net profit up 46.42% on higher selling prices

(Agencies)
Updated: 2008-04-23 11:35

Jiangxi Copper Co Ltd said its first quarter net profit rose 46.42 percent year-on-year to 1.26 billion yuan ($180.43 million) after obtaining higher selling prices for its main products.

In its first quarter financial results filed with the Shanghai Stock Exchange, the company said operating revenue rose 49.32 percent year-on-year to 11.89 billion yuan on higher prices and sales volumes achieved for copper cathode and sulphuric acid.

Operating costs were also up 46.9 percent year-on-year to 9.89 billion yuan in the first quarter due to rising copper cathode costs and higher procurement expenses.

Earnings per share came in at 0.42 yuan, against 0.29 a year earlier.

The company did not provide a forecast for the rest of the year.