January 26 – China Zhongwang Holdings Limited （1333.HK）, one of the biggest aluminum and vinyl profile production enterprises in China, will post a 25-percent year-on-year decline in its 2010 net profit. The fall is attributed to anti-dumping measures taken by the US, reports nbd.com.cn, citing a company filing.
According to an unnamed executive, Zhongwang Holdings generated a net profit of approximately 2.7 billion yuan last year, compared to 3.5 billion yuan in 2009.
The company plans to transform and focus on expansion of overseas markets, excluding the US, while grabbing market share in the markets for high-speed railways, airlines and electricity.
Public information indicates that Zhongwang Holding will focus on expanding production of industrial aluminum profiles while retreating from its original business of aluminum profiles used in construction.
The US government levied a 137.65-percent anti-subsidy tax on three Chinese enterprises in September last year and another 59.31-percent anti-dumping tax in October. At present, Zhongwang Holdings has stopped selling to the US.
In 2009, the company cashed in 5.66 billion yuan in the American market, accounting for 40.8 percent of total revenues. That market contributed almost 2.67 billion yuan in the first half year of 2010, accounting for 41.2 percent of the year’s total revenue.
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