The first three quarter net profit of Jinling mining increased nearly 1.9 times times
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Benefited from a sharp rise in iron ore prices, the only domestic iron ore listed company Jinling Mining (000655. SZ) 's profits rose nearly 1.9 times-fold in the first three quarters of this year. Jinling Mining today announced that the third quarter of this year, the company realized operating income of 382 million yuan, an increase of 69.25%, the net profit of the listed company shareholders 132 million yuan, growth of 148.34%; In the first three quarters, the company realized operating income of 1.178 billion yuan, the year-on-year increase of 96.3% The net profit of the shareholder of the listed company is 391 million yuan, which is up 188.53%. The company said net profit rose in the first three quarters over a year earlier, mainly due to the overall listing in May 2009, the addition of ore calls and related assets, while the sales price of products increased substantially from the same period last year, with sales volume significantly higher than the same period last year. Treasury Securities analyst Li Yongliang said that jinling mining iron ore products are now mainly to follow the market pricing strategy. Since the beginning of this year, iron ore prices at home and abroad have been higher, the first half of this year, iron ore average sales price of 1038.69 yuan/ton, compared with the same period last year 679.13 yuan/ton increased 52.95%. At the same time, this year, the domestic mine has been a rare phenomenon of extrusion of imported mining market. September, China imports 52.6 million tons of iron ore, down 18.51% year-on-year, the 5th consecutive month, the year-on-year decline. January-September, the cumulative imports of iron ore 457.6 million tons, down 2.5% year-on-year. In January-August, iron ore production was 685.69 million tonnes, an increase of 28.4%. Chinese iron ore production is expected to exceed 1.1 billion tonnes this year, up more than 20% per cent year-on-year, according to Mr Shan, secretary general of the China Steel Association. Yesterday, jinling mining shares closed at 19.73 Yuan, down 8.1%.
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