By Ronnie Harui

China Molybdenum Co. said its net profit more than doubled in 2021, partly due to an increase in prices of its main products.

Net profit rose to 5.11 billion Chinese yuan (US$802.12 million) in 2021 from CNY2.33 billion in 2020, the Hong Kong-listed Chinese molybdenum producer said Wednesday.

Net profit after deduction of non-recurring gains or losses increased to CNY4.10 billion in 2021 from CNY10.91 billion in 2020.

Total operating revenue climbed to CNY173.86 billion in 2021 from CNY113.00 billion in 2020.

Operating revenue rose significantly in 2021, thanks to the increase in market prices of copper and cobalt and the growth of the basic metal trading business, the company said.


Write to Ronnie Harui at ronnie.harui@wsj.com


(END) Dow Jones Newswires

03-15-22 2044ET