• Most Popular
  • Most Shared

China's HNC warns of H1 loss on weak prices, demand

Thu Jul 2, 2009 9:01am EDT

Stocks

   

HONG KONG, July 2 (Reuters) - Hunan Nonferrous Metals (HNC) (2626.HK), a leading Chinese zinc and lead producer, said on Thursday its unaudited group results for the six months to June may show a loss due to low product prices and unsatisfactory demand.

China is the world's top producer of zinc and lead, as well as tungsten and antimony, which HNC also produces.

The company did not specify a figure for the expected loss, but said that for the comparative year-earlier period it posted an unaudited net profit of 190.5 million yuan.

In May it said it was considering borrowing 1.2 billion yuan ($176 million) in bank loans to build stocks of metals produced by its plants, a move that could drive up Chinese prices of its products. [ID:nSP478705] (Reporting by Nerilyn Tenorio; Editing by Hans Peters)



More from Reuters

Photo

Investors seen jumping the gun on airport security

BANGALORE (Reuters) - Investors' optimism surrounding the shares of airport security systems makers could be premature as interest in the companies' products after the Christmas Day plane scare is not expected to translate into immediate orders.

» More Top News
Leaves gather in front of an empty and boarded-up house in Youngstown, Ohio November 21, 2009. REUTERS/Brian Snyder

Castles built on sand

Rust-belt American cities like Youngstown, Ohio were battered by the downturn. Now they're ready to move on, but it won’t be easy. The first in a three-part report.  Full Article 

Route to Recovery
REUTERS/James Saft
JAMES SAFT:

Welcome to the "Teenies"

Shrinking financial sector? Paltry investment returns? Welcome to the the next decade. Don't worry, there's some good news, too.  Commentary 

COMMENTARY