China Finance News
Xiamen Tungsten Annual Report, 17th April: the company achieved a total operating revenue of RMB17.396 billion in 2019 down 11.05% y-o-y, the net profit attributable to shareholders of listed companies was RMB 261 million, down 47.76% y-o-y.
“Tungsten molybdenum and other non-ferrous metal products” generated most of the income for the company, with RMB7.35 billion accounting for 43% of total income at a gross profit margin of 24.8%. Xiamen Tungsten claimed declining profitability across the entire industrial chain represented by weakening demand from the automobile, 3C industry and other downstream markets, declining raw material prices and low operational rates over the reporting period.
