Hunan Nonferrous posts loss as prices fall

PUBLISHED : Monday, 24 August, 2009, 12:00am
UPDATED : Monday, 24 August, 2009, 12:00am

Hunan Nonferrous Metals Corp, the mainland's biggest producer of zinc and tungsten, posted a net loss of 212.4 million yuan (HK$ 241.39 million) in the first half because of lower metal prices and weak demand. This compares with a 74.17 million yuan profit for the same period last year. Turnover dropped 30 per cent to 6.2 billion yuan. The company did not declare a dividend. Zinc prices fell 37 per cent in the first six months, but investors are betting demand will revive because of the government's stimulus spending.