By Hong Kong Newsroom
HONG KONG (Jan 31) -- Hong Kong-listed China Molybdenum expects group net profit for 2017 to increase by as much as 1.70 billion yuan ($268.8 million) to 1.90 billion yuan, nearly tripling its net profit year-on-year.
The China-based company, which mines molybdenum, tungsten and other metals, recorded a group net profit of 998 million yuan in 2016.
In a filing to the exchange late Tuesday, the company attributed the improved results to the consolidation effect following its acquisition of a niobium and phosphorus minerals business in Brazil and a copper and cobalt minerals business in Congo, as well as better market prices of its major metal products.
China Molybdenum did not provide an estimated figure for the year and said the assessment is preliminary.
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