|By ACN Newswire||
|August 23, 2014 10:25 AM EDT||
Hong Kong, Aug 23, 2014 - (ACN Newswire) - China Aluminum International Engineering Corporation Limited (the "Company" or "Group"; stock code: 2068) is pleased to announce as follows the unaudited interim results for the six-month period ended 30 June 2014 ("reporting period").
In face of the tough market environment, the Group benefited from the exploration efforts of both international and domestic markets and achieved newly signed contracts with the value of RMB19.8 billion in the first half of the year, maintaining a good momentum of development. The contracts backlog of the Company as of 30 June 2014 amounted to RMB70.7 billion, representing an increase of 15% over the end of 2013. Revenue coverage ratio reached a 4 times growth which builds a solid foundation for future performance. The Group grew steadily in the first half of the year with a revenue of RMB8.85 billion, 25.5% up over that of the same period last year. Net profit amounted to RMB0.272 billion, remains basically unchanged compared with the same period last year.
Although the external market was tough, our team in the Headquarters and subsidiaries had unwavering faith in achieving the operation targets of the first half of the year. Efforts on market development were unabated. In the first half of the year, about 100 projects in medium and large scale were undertook involving heavy metal smelting, technological transformation, redevelopment of shanty areas, tourism and municipal construction and most of the projects secured a foothold from the preliminary works. The operation level had been improved.
When it comes to the overseas market, the Company capitalized on the changing market trend in the international arena and actively captured opportunities on project cooperation. In the first half of the year, the Company successfully entered into the EPC contract with Venalum Electrolysis Plant under CVG Group, Venezuela with a contract value of about US$500 million. The act was the second cooperation between China and Venezuela in the field of electrolytic aluminum. Chalieco has become one of the most popular Chinese enterprises in Venezuela.
Following the initial public offering (IPO) of H Shares in 2012 and the issuance of non-public debt financing instruments with principal amount of RMB2.5 billion in 2013, the Company successfully issued US$300 million senior guaranteed perpetual capital securities in the first half of the year, by which the Company's capital structure was greatly improved. The exercise has provided stable funding for the development of the Company. The good performed of the securities also gained recognition and recognized from the investors.
Looking ahead, Chalieco will find innovative business model in order to improve the products and services with creative insights, to create greater value for customers and to explore new opportunities. In the second half of the year, the Company will continue to focus on the demand of the market, strengthen the technology and wisely use the research funds to build a strong presence in the technology field of nonferrous metals.
Mr. Zhang Chengzhong, chairman of Chalieco, stated, "We are dedicated and committed. In 2014, with strong support from all circles of the society, determination and the best efforts, Chalieco sets to complete the stated goals of the year by bolstering confidence, stringent implementation and appropriate measures to present an outstanding performance to the satisfaction of all shareholders and staff."
About China Aluminum International Engineering Corporation Limited
Chalieco was incorporated in the PRC on 30 June 2011, with Chinalco as its controlling shareholder. It was listed on the main board of the Stock Exchange on 6 July 2012.Chalieco is a leading technology, engineering service and equipment provider in the nonferrous metals industry in China, capable of providing full business-chain integrated engineering solutions throughout various stages of the nonferrous metals industry chain. The businesses of the Company include engineering design and consultancy, engineering and construction contracting and equipment manufacturing. Chalieco regards technological innovation as its core competency, and has developed a series of proprietary technologies relating to mining, ore-dressing, smelting and metal material processing. Chalieco has been successively listed on "Top 500 Enterprises of China in 2014", ranking No. 267.
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