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XinRen Aluminum's FY2015 net profit drops 90.7% to 26.43m yuan
XINREN Aluminum Holdings on Thursday reported a 90.7 per cent drop in FY2015 net profit to 26.43 million yuan (S$5.67 million), as its expenses swelled for the full year ended Dec 31, 2015.
This was despite a 77.9 per cent increase in revenue to 25.76 billion yuan. The rise in revenue was largely due to two factors - the full-year consolidation of its 51 per cent-owned subsidiary, CLI, and higher smelting output from Xinjiang Plant.
Earnings per share for FY2015 stood at 2.03 yuan cents - a drop from 2014's 21.78 yuan cents.
No dividend was recommended.
The group manufactures aluminium ingots; it also fabricates and trades aluminium-related products.
The group said it intends to raise Xinjiang Plant's output and capacity by the end of 2016.
"With four fully operating in-fence power-generating units and an in-house carbon anode facility coming onstream in phases, Xinjiang Plant's growing integrated value chain will enable XinRen to stay resilient during this downturn, and ride on the upturn when prices improve," said the group on Thursday.