China's Biggest Smelter Reports Drop in Profits for H1

Bloomberg reported that China’s biggest smelter, Jiangxi Copper Co., has reported a 17 percent drop in profits for the first half of the year on the back of a slowing Chinese economy.
As quoted in the publication:

Net income declined to 1.06 billion yuan ($165 million) from 1.27 billion yuan, Jiangxi Copper said in a statement. Sales fell 19 percent to 75.5 billion yuan under Chinese accounting standards.
“Prices of company’s main line of products including copper, gold, silver dropped largely amid weak economy, strong dollar and slowing consumption, putting huge pressure on company’s production and operations,” the world’s fifth-biggest smelter said.
China’s economy is poised to grow 6.9 percent this year, the slowest pace for a decade. Deepening concerns over the state of the world’s second-biggest economy have led a global sell-off in riskier assets, which intensified this week as commodities prices sank to a 16-year low.

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