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Zhuzhou Smelter Q1 profit down 85%

(China Daily)
Updated: 2008-04-23 09:25

Zhuzhou Smelter Group Co, China's biggest zinc smelter, said first-quarter profit fell 85 percent after snowstorms cut production and prices dropped.

Net income slipped to 15.8 million yuan ($2.26 million), or 0.03 yuan a share, in the quarter ended March 31, from a restated 102.3 million yuan, or 0.19 yuan, a year ago, the company, based in Hunan province, said in a statement yesterday. Sales fell 41 percent to 2.18 billion yuan.

Zhuzhou Smelter halted production at its zinc and lead smelters in January as the country's worst snowstorms in 50 years cut power and disrupted transport. The price of zinc in London fell 29 percent in the first quarter from a year earlier as supplies outpaced demand.