Shandong Nanshan Aluminum 2009 net profit up 14%
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Shandong Nanshan Aluminum Co., China's major aluminum producer, said it achieved profit growth in 2009, even as others in the industry posted losses amid the global economic downturn.
Net profit rose 14 percent year on year to 715 million yuan (105 million U.S. dollars) on revenue of 7.2 billion yuan, according to its annual report filed with the Shanghai Stock Exchange Saturday.
Earnings per share increased 4.2 percent to 0.5 yuan in 2009.
Nanshan attributed its profit rise to production cost controls and further exploration in the high-end market.
The profit rise came despite the global economic downturn that prompted a fall in aluminum product prices.
The decline in aluminum prices put unprecedented pressures on the nations' aluminum refiners. Aluminum Corporation of China Limited (Chalco), the industry's top aluminum maker, for example, posted a 4.56 billion yuan net loss in 2009.
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