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Xiamen Tungsten (600549) on Jan. 22 released results of Express, said the company achieved operating income of the year 2010, 5.5 billion yuan, down 13.21%; attributable to shareholders of listed companies achieved net profit of 352 million, an increase of 65.58%.
In 2009, the Company's operating income of 6.34 billion yuan, net profit of 213 million.
Xiamen Tungsten, said net profit in 2010 over the previous year mainly due to the increase in non-ferrous metals such as tungsten and molybdenum products companies demand has picked up,[link widoczny dla zalogowanych], production and sales returned to normal levels, profitability increased significantly.
Since 2010, as the global economic recovery, also gradually get rid of the metals market decline,[link widoczny dla zalogowanych], domestic and international market demand for the slow recovery of tungsten, particularly in China to protect the dominant species of mineral policy in the context of deepening layers, tungsten prices rose steadily.
Analysts pointed out that China strengthen the rare earth, tungsten, and the strategic exploitation of scarce resources and export control, supply-side constraints to be effective, but steady growth in demand, product prices will maintain long-term upward trend.
Huatai United Securities, said that with domestic and international markets pick up, such as tungsten carbide and tungsten material growing demand downstream recovery; while the domestic market supply of tungsten relative monopoly is gradually taking shape,[link widoczny dla zalogowanych], the price of tungsten products, strong the future can be expected. Leading enterprise companies as tungsten, will clearly benefit.
Reported a 2010 first three quarters of the company achieved operating income of 3.905 billion yuan, an increase of 112%; net profit attributable to shareholders of listed companies 314 million. Growth also results from the product output and prices improved.
January 21, Xiamen Tungsten closed at 40.52 yuan, down 1.39%. Source: [link widoczny dla zalogowanych]