Minmetal Development's 2007 net profit exceeds RMB 1 bln

China Minmetals Development Co. Ltd, the country's largest steel and metallurgy raw material trader, announced on Sunday that its net profit has increased by 88.29% year-on-year to surpass RMB 1 billion in 2007, due to the growing business.

Minmetals Development, a listed subsidiary under China Minmetal Corp, has gained over RMB 85 billion revenue in 2007, representing an increase of 11.2% over the previous year. Earnings per share stood at RMB 1.29. The dividend is expected to be RMB 0.5 per share.

The company has been restructured from an export-oriented trading enterprise into a domestic trade-dominated one, partly due to the adjustment in the country's export policy. China cut export rebates and raised the export duties of steel products since last April. Its domestic business made up 70% of the trader's whole business.

In its annual report, it forecasts its revenue would climb to RMB 89 billion to RMB 92 billion in 2008, as the restructuring brings great opportunities.