SINGAPORE, March 29 (Reuters) - Jiangxi Copper Co Ltd , China’s biggest integrated copper producer, posted on Wednesday its first rise in annual net profit in five years, helped by cost controls and higher metal prices.
Jiangxi Copper’s net profit rose 23.6 percent to 787.5 million yuan ($114.34 million) in 2016, it said in a filing to the Shanghai stock exchange. The last time the producer recorded a net profit rise was in 2011, according to company data on Eikon.
“Even though non-ferrous metal prices were increasing steadily, there were still challenges in the market,” Jiangxi Copper said. “However, we implemented a series of effective measures to resolve the issues to achieve our operational targets.”
China’s non-ferrous metals producers have been reporting better financial results in 2016, helped by recovering global prices, which rose by around 18 percent during the year, and the country’s increase in infrastructure building.
This week, Yunnan Copper Co Ltd posted a 683.8 percent rise in 2016 net profit, mainly helped by cost cuts and increasing output.
$1 = 6.8875 Chinese yuan renminbi Reporting by Lee Chyen Yee in Singapore and Twinnie Siu in Hong Kong; Editing by Mark Potter