Metallurgical Corporation of China Ltd Announces FY 2012 Net Profit Outlook Below Analysts' Estimate

Metallurgical Corporation of China Ltd announced that it expects its net profit for fiscal year (FY) 2012 to be RMB -7,200 million, compared to the net profit of FY 2011 (RMB 4,243.42 million). The Company cited the provision for bad debts, the selling of stock in another company, the contract loss on SINO iron mine project, as well as the assets impairment as the main reason for the forecast. According to I/B/E/S Estimates, analysts expect the Company's net profit for fiscal year 2012 to be RMB 3,630.90 million.