Tongling Nonferrous: Copper subsidiary's 2024 profit drops

Tongling Nonferrous Metals Group (SZSE:000630) reported that its holding subsidiary, China Railway Construction Tongguan, experienced a 15.15% year-over-year decrease in operating profit, to CNY 243.24 million, and a 16.9% decrease in net profit, to CNY 148.71 million, for the fiscal year 2024. The decline was attributed to power rationing policies in Ecuador during the fourth quarter, which limited production at the Mirador copper mine. China Railway Construction Tongguan's total operating revenue increased slightly by 0.14% to CNY 802.75 million. As of the end of the reporting period, the subsidiary's total assets stood at CNY 1.95 billion and net assets were CNY 1.09 billion. Tongling Nonferrous Metals Group cautioned that the reported figures are preliminary and unaudited, and the final audited data will be disclosed in the company's 2024 annual report.