China's Jiangxi Copper said Tuesday its first-half net profit increased by 75.4 percent due to higher copper prices.
The country's largest copper producer said that its net income stood at 830.2 million yuan ($125.92 million) for the first six months of 2017, versus 473.4 million yuan a year earlier.
Revenue came in at 98.3 billion yuan, up from 90.2 billion yuan in the first half of 2016, while earnings per share were 0.24 yuan, versus 0.14 yuan a year earlier, it said in a statement to the Shanghai stock exchange.
Jiangxi Copper said on July 26 that its first-half net profit was expected to increase by 60-80 percent, citing an increase in prices of its main metal products.
Front-month Shanghai copper rallied by 5.8 percent from May 9 to reach 47,280 yuan per tonne by the end of June. It has climbed by a further 11 percent since the end of the reporting period to around a four-year high, pointing to a strong third quarter for Chinese copper producers. ($1 = 6.5930 Chinese yuan renminbi) (Reporting by Tom Daly, editing by Louise Heavens)
