China

Aluminum Corp. of China Expects 85% Increase in 2016 Net Profit

Summary:

  • The Aluminum Corporation of China (ACH) expects its net profit to jump 85% to RMB 1.6 billion for 2016, reports yicai.com.
  • The company will release its official report at a later time.

Why It Matters:

  • As the largest aluminum production company in China, Aluminum Corporation of China has suffered from the slowing economy. As a result, the company cut costs to boost its 2016 profit.
  • Aluminum Corp. of China reports that it cut RMB 10.4 billion in costs last year, and the costs of alumina and electrolytic aluminum were reduced by 14% and 15% respectively.
  • Securities firm CICC just raised its rating for the Aluminum Corporation of China to Buy and expects good long-term performance.