China Minmetals reports 123% jump in 2010 profits

China Minmetals Corporation said Thursday that its profits soared 123.2 percent year on year in 2010 due to robust commodity sales.

Profits totaled 7 billion yuan ($1.06 billion) last year, the companys president Zhou Zhongshu said, attributing the profit growth to strong sales of its commodity products.

Business revenue hit 255 billion yuan, up 49.62 percent from a year earlier, Zhou said, adding that the companys products, including steel, iron ore, coal, ferroalloy and other commodities, achieved record sales.

The company aims to become Chinas largest supplier of iron ore by 2015, Zhou said. He expected the companys revenue to top 400 billion yuan and profits to reach 15 billion yuan by 2015.


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