Jiangxi Copper 2007 profit slides 12.9% on soaring costs

Jiangxi Copper Co<600362><358>, China's largest producer of the metal by output, said its net profit slid 12.9% year-on-year in 2007 caused by surging costs and the tax hike.

Net income declined to RMB 4.13 billion, compared with RMB 4.75 billion a year earlier, said the company in the annual earnings report. However, sales climbed 65% from the previous year to RMB 41.41 billion amid the increasing demand in the booming major economy.

The producer is eying to issue as much as 277.5 million new shares with a face value of RMB 1 apiece in Hong Kong.