Sina Finance News
23rd March: Zhangyuan Tungsten’s 2019 annual report shows the company’s operating profits were negative, (RMB -285.91 mln, a decrease of 473.27% y-o-y), during the reporting period. Total profits were also negative RMB -299.46 mln, a decrease of 491.81% y-o-y. The company’s net profit attributable to shareholders of listed companies was RMB -289.57 mln, a decrease of 725.66% y-o-y.
Domestic tungsten prices fell on weak demand, led by the gloomy economic performance both in China and worldwide during 2019. Meanwhile, Ganzhou Aoketai Tools Technology Co. Ltd, a subordinate of Zhangyuan held a large amount of high-cost inventory during 2019, which drove down operating, total and net profits attributable to shareholders of the listed company significantly during 2019 when prices were weak.