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Xiamen Tungsten's profit down 28.81% in H1

Jul. 17, 2012 (China Knowledge) - Xiamen Tungsten Co Ltd<600549>, China's largest producer of tungsten, announced that its net profit attributable to shareholders decreased 28.81% YoY to RMB 326.1 million in the first half of 2012.

Basic earnings per share for the period were RMB 0.48, less than RMB 0.67 it realized in the same period of 2011.

In a statement filed with Shanghai Stock Exchange, the tungsten producer said that the decline of net profit is mainly due to the weak demand.

From January to June 2012, the company realized RMB 4.53 billion in operating revenue, reflecting a Y-o-Y increase of 9.01%, of which, RMB 697.12 million was contributed from its real estate business.

As of the end of last month, the company's total assets hit RMB 13.38 billion, 5.74% more than at the end of last year.

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