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CITIC Pacific's profit for 2011 up 4%

Mar. 5, 2012 (China Knowledge) - CITIC Pacific Ltd<0267>, the Hong Kong-listed arm of China's biggest state-owned investment conglomerate, CITIC Group, reaped HK$9.23 billion in net profit last year, up 4% year on year from HK$8.89 billion.

Revenue for 2011 rose 42% year on year from HK$70.61 billion to HK$100.09 billion.

The iron ore mining operations, however, recorded a net loss of HK$423 million last year, compared with a net loss of HK$346 million a year earlier, which was principally dragged down by production delays at CITIC Pacific's Western Australian iron ore project and a reduced contribution from its steel business in China, sources reported.

Chairman Chang Zhenming said the group expects to put the iron ore project into operation in the near future, in a bid to reduce its high gearing ratio of 46%, adding that the project is the largest of its type in Australia.

Shanghai-listed Metallurgical Corp of China<610618>, or MCC, the construction contractor for the project, expects to put the project into first and second production no later than Aug. 31 and Dec. 31, respectively.

CITIC Pacific had invested US$7.1 billion in the project at the end of last year and has agreed to pay MCC an additional US$822 million to expedite construction.

At present, CITIC Pacific is the largest special steel supplier in mainland China with an annual output capacity of around 9 million tons.

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