China Zhongwang (01333) said its profit attributable to equity shareholders for the nine months ended 30 September 2016 dropped 3.2% year-on-year to Rmb2,439 million.
The revenue was Rmb12,466 million, a decrease of 1.7% from a year earlier.
The group's gross profit grew 8.1% year-on-year to Rmb4,769 million. The group's overall gross margin increased from 34.8% for the corresponding period in 2015 to 38.3% for the period under review. The increase was mainly due to the Group's optimized product mix,
its emphasis on securing the production and sales of products with higher gross profit, the decline of aluminium ingot prices during the Period under Review as well as the full operation of Phase I of the Group's high-precision aluminium alloy product project located in Yingkou during the period under review, which provided quality raw materials to the Group at a price lower than the market rate and thus reduced the cost.
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