[ET Net News Agency, 31 January 2018] China Molybdenum (CMOC) (03993) said it estimates the net profit attributable to equity holders for 2017 will increase by an amount between Rmb1.7 billion and Rmb1.9 billion, representing an increase between 170.33% and 190.37% as compared with 2016.
Such expected increase is mainly attributable to the following two reasons: In 2016, CMOC successfully acquired the niobium and phosphorus minerals business in Brazil and the copper and cobalt minerals business in Congo (DRC) (overseas M&A projects). The acquisition of the overseas M&A projects were completed respectively on 1 October 2016 and 17 November 2016 and their financial statements were consolidated into the financial account of CMOC respectively afterwards. Hence, the 2017 annual results of CMOC had included the full-year results of the overseas M&A projects in 2017 and the consolidation period was prolonged as compared with the same period of 2016. In 2017, the market prices of the major metal products of CMOC, namely copper, cobalt, molybdenum and tungsten, increased significantly as compared with the market prices of the same period of 2016 and enhanced its profitability. (HL)
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