China-based company Jiangxi Copper’s net profit in Q2 dropped by 36.74pc to CNY1.20mn from CNY1.91mn in Q2 FY2019 amid COVID-19 related shutdowns and inventory pile up, stated a company’s release. The company’s revenue rose by 40.05pc to CNY146.6mn in Q2 from CNY104.6mn in the prior year period supported by significant improvement in demand.
In H1 of 2020 (Jan-June), company’s net profit declined by 42.68pc to CNY745.3mn from CNY1.3bn. It posted an operating revenue of CNY146.9mn, down by 39.93pc from 105mn in the preceding year period.
In H1, imports of copper concentrate, blister copper and copper material amounted to 10.84mn mt, 422,000mt and 240,000mt, respectively, supported by strong domestic copper prices, weak overseas prices and improved domestic demand. Refined copper imports increased by 24pc to 1.98mn mt from the year prior and import of copper scrap rose by 49.6pc to 430,000mt.
Copper cathode production in H1 rose by 6.85pc to 800,600 mt from 749,300 in the prior year period.
The company has advanced the construction process of the Chengmenshan Copper Tailing Mine Project for production of green building materials.