October 29, 2019 / 11:00 AM / 17 days ago

China's Jiangxi Copper sees profits stay flat in third-quarter

BEIJING (Reuters) - Jiangxi Copper (600362.SS)(0358.HK), one of China’s biggest copper producers, saw its net profits hold steady year-on-year in the third quarter, according to Reuters calculations based on a company filing on Tuesday.

The Nanchang-based firm posted net income of 2.065 billion yuan ($292.43 million) for the first nine months of 2019, up 1% year-on-year, a statement to the Shanghai Stock Exchange showed.

That implies a third-quarter profit of 765 million yuan, down a marginal 0.3% from 767 million yuan a year earlier, after earnings of 1.3 billion yuan in the first half of 2019.

Jiangxi Copper, an integrated copper producer which earlier this month revealed its affiliate had built up a stake of around 10.8% in Toronto-listed copper miner First Quantum Minerals (FM.TO), did not provide operational data in the statement.

Its January-September revenue came in at 171.24 billion yuan, up 5.3% year-on-year, implying third quarter revenue of 66.2 billion yuan, up 14% from a year earlier.

Benchmark three-month copper prices on the London Metal Exchange CMCU3 have this year been weighed down by concerns over the impact of the China-U.S. trade war on demand for industrial metals, but are up 3.4% so far this month as tensions ease and concerns over mine supply rise.

Reporting by Tom Daly, editing by Louise Heavens

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