Robust Export Market Boosts Zhongwang's Earnings

China Zhongwang Holdings, the aluminium giant surrounded in controversy since its HK$9.8 billion IPO, reports an 86.6% jump in net profit for 2009, boosted by a surge in sales to the U.S., says the South China Morning Post.

 

The newspaper says that the results, posted on the Hong Kong stock exchange website, showed profit had risen to 3.53 billion yuan (HK$4 billion) from 1.91 billion yuan in 2008, as revenue had climbed 23% to 13.85 billion yuan from 11.26 billion yuan the previous year.

 

Zhongwang became entangled in controversy last September when the Economic Observer claimed the top 10 customers named in its IPO prospectus did not buy from the company in 2008.

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