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Metallurgical Corp of China expects 30% profit drop for 2011

Feb. 1, 2012 (China Knowledge) - Metallurgical Corp of China Ltd<601618><1618> or MCC, the country's leading mining and smelting operator, said its net profit attributable to shareholders for 2011 might have plunged between 20% and 30% from the year 2010.

The profit drop was dragged down by continuous losses in a 51.06%-owned subsidiary, named MCC Huludao Nonferrous Metals Group Co Ltd that is based in Huludao, Liaoning Province.

The subsidiary, which operates the zinc and copper smelting business, suffered declined prices and weak market demand last year, said a person familiar with the matter.

In 2010, Shanghai and Hong Kong-listed MCC saw net profit attributable to shareholders reach RMB 5.32 billion. The company said it will release the fiscal result for 2011 on March 30 this year.

MCC signed RMB 286.7 billion worth of contracts last year, reflecting a year-on-year climb of 0.6%. Of the total, RMB 19.3 billion was derived from the international market, sources reported.

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