Bloomberg reported that Jiangxi Copper Co.’s (SHA:600362) third-quarter profit plunged 2.8 percent due to higher taxes, a decline in inventory value and a paper loss from futures trading.

As quoted in the market news:

Net income dropped to 1.24 billion yuan ($195 million), or 0.37 yuan a share, from 1.28 billion yuan, or 0.42 yuan, a year earlier, the company said today in a statement to the Shanghai stock exchange. Sales rose 56 percent to 30.6 billion yuan from 19.6 billion yuan.

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