Jiaozuo Wanfang Aluminum Manufacturing （000612） recorded a 40.06 percent year-on-year drop in 2010 net profit to 116 million yuan despite a 9.62 percent year-on-year increase in revenue to 5.59 billion yuan, reports 163.com, citing a company filing.
Earnings per share fell 40.05 percent year-on-year to 0.241 yuan.
The earnings drop was caused by an impairment provision of 319 million yuan on the company’s wholly-owned subsidiary, Jiaozuo Wanfang Electric.
Shares of Wanfang Aluminum dropped 0.62 percent to trade at 20.98 yuan at 14:19 on Feb 21,2011.
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