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Profit of China's nonferrous metal sector hits record high in H1

2021-08-09 11:11

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BEIJING, Aug. 9 (Xinhua) -- China's nonferrous metal sector saw a robust expansion in the first half of this year, with the profits of major nonferrous metal firms hitting a record high, industry data showed.

From January to June, major companies in the sector raked in 163.97 billion yuan (about 25.37 billion U.S. dollars) in profits, surging 224.6 percent year on year, according to the China Nonferrous Metals Industry Association.

The volume increased by 35.66 billion yuan from the 2017 level, with the four-year average growth rate for the Jan.-June period standing at 6.3 percent.

The sector's debt-to-asset ratio fell during the same period. By the end of June, the debt-to-asset ratio of China's major nonferrous metal companies came in at 60.6 percent, down 2.8 percentage points from 2017.

The output of 10 types of non-ferrous metals including copper and aluminum reached 32.55 million tonnes in the first half, rising 11 percent year on year.

More money were pumped into the sector after years of investment decline, as the fixed-asset investment to the sector in the first half went up 15.7 percent from the same period a year ago, the association said.
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