CMOC Group Expects Up to 716% Jump in H1 Profit, Shares Up 4%

MT Newswires Live07-15

CMOC Group (HKG:3993) expects its attributable net profit in the first half of 2024 to have jumped by about 638% to 716% to 5.19 billion yuan and 5.74 billion yuan from a year earlier, a Friday filing with the Hong Kong Exchange said.

The estimated net profit attributable to shareholders after deducting non-recurring loss or profit for the reporting period is expected to range between 5.38 billion yuan and 5.94 billion yuan, or up by 2,343% to 2,600% from a year ago.

The company attributed the anticipated growth to an increase in the output and sales of cobalt and copper products, the higher price of copper for the period, and the company's initiatives in cost optimization, technology upgrades, and performance improvement during the period.

The company's shares were up nearly 4% in recent trade.

Price (HKD): $7.86, Change: $+0.27, Percent Change: +3.56%

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