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Xiamen Tungsten Co Ltd, which is China's largest producer and exporter of tungsten and molybdenum and is based in Southeast China's Fujian Province, announced Wednesday that its net profit last year soared 40.49% and hit US$68 million.
The profit was mainly contributed by its property subsidiary. More details will be announced in the annual report, according to the company.
The company expects its earnings per share to rise 7.43% year on year to RMB 0.31, according to an unaudited financial statement filed with the Shanghai Stock Exchange. Shares of the company soared 1.36% from the previous closing on the profit figures to RMB 15.64 on Wednesday.
Xiamen Tungsten has ten subsidiary companies. Its total assets are valued at over RMB 2 billion and its net assets are RMB 1.7 billion. Its businesses cover tungsten, molybdenum, cobalt, hydrogen storage alloys and real estate.