Jiangxi Copper Co., China’s biggest producer of the metal, posted a 158 percent increase in second- half profit because of rising copper demand and higher prices.
Net income rose to 2.79 billion yuan ($425 million) in the six months ended Dec. 31 from 1.11 billion yuan a year earlier. The result was derived by deducting the six-month figures from full-year profit released today on the Shanghai stock exchange, based on international accounting standards.
Chinese copper demand will gain 7 percent this year as the nation builds more homes, autos and upgrades power-grid networks, Chairman Li Yihuang said in March. Copper touched a record $10,190 a ton in February after surging 30 percent last year.
Shares in the company fell 2.3 percent to close at 39.55 yuan in Shanghai today, before the announcement. The stock was unchanged at HK$24.65 in Hong Kong.
Full-year net income more than doubled to 4.91 billion yuan in 2010 by Chinese accounting standards, Jiangxi Copper said. Net was 4.99 billion yuan by international standards, beating the 4.7 billion yuan mean estimate of 11 analysts surveyed by Bloomberg. Sales rose 48 percent to 76.4 billion yuan.
The company plans to boost copper smelting production capacity to 1 million metric tons this year, from 900,000 tons last year, Li said in March.
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