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XinRen Aluminum's FY14 profit gets boost from China government subsidies

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XinRen Aluminum Holdings, a China-based maker of aluminium ingots, reported on Friday that its net profit for the year ended Dec 31, 2014, soared to 284.01 million yuan (S$61.5 million), compared to 60.14 million yuan previously.

XINREN Aluminum Holdings, a China-based maker of aluminium ingots, reported on Friday that its net profit for the year ended Dec 31, 2014, soared to 284.01 million yuan (S$61.5 million), compared to 60.14 million yuan previously.

Revenue rose 76.4 per cent to 14.8 billion yuan, boosted by contributions from its Xinjiang plant whose results have been consolidated into the group's financial statements since July 2014.

The group's bottom line got an added 228.97 million yuan boost in the form of local government subsidies for lower electricity costs incurred by its Xinjiang plant, amongst others.

Its cash and cash equivalents stood at 313.91 million yuan, compared to 1.68 billion yuan a year ago.

Looking ahead, XinRen said it aims to step up output at Xinjiang Plant to 1.1 million tonnes by the end of 2015, from 800,000 tonnes in FY2014. Two more power-generating units are also expected to be fully operational in 2015, bringing the plant's total to six power-generating units.

The group has declared a first and final dividend of S$0.01 per share. None was declared a year ago.