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China Tungsten Forecasts Up to 298% Surge in H1 Profit on Robust Prices

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China Tungsten and Hightech Materials (SHE:000657) forecasts a 261% to 298% surge in its net attributable profit to between 1.97 billion yuan and 2.17 billion yuan in the first half from 545.6 million yuan in the year-ago period.

The nonferrous metal trader expects earnings per share to grow to between 0.86 yuan and 0.95 yuan from 0.25 yuan a year earlier, according to a Tuesday filing with the Shenzhen bourse.

The company attributed the expected rise to higher average prices of tungsten concentrate and increased orders for PCB micro-drills and high-end cutting tools.

Shares rose 2% during late-morning trading on Tuesday.

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