China Molybdenum Calling for Jump in 2014 Net Profit

China Molybdenum Co. Ltd. (HKEX:3993) announced that it expects its 2014 net profit to be about 55 percent higher than it was in 2013.

As quoted in the press release:

…based on the preliminary review of the unaudited consolidated management accounts of the Group for the year ended 31 December 2014 and information currently available to the Board, it is expected that the net profit attributable to owners of the Company for the year ended 31 December 2014 will increase by approximately 55% as compared to the previous corresponding period (net profit attributable to owners of the Company for the year ended 31 December 2013 was approximately RMB1.174 billion). The increase in the net profit attributable to owners of the Company is mainly due to (i) substantial increase in profit generated from Northparkes copper and gold mine in Australia (‘Northparkes’) as compared to the corresponding period in 2013 following the completion of the acquisition of Northparkes in December 2013; and (ii) gain on disposal of subsidiaries.

Click here to read the full China Molybdenum Co. Ltd. (HKEX:3993) press release.