(Xinhua)
Updated: 2008-03-31 09:34

BEIJING  -- China Minmetals Development Co., a listed subsidiary of the state-owned metal trader China Minmetals Corp., said that its net profits rose 88 percent in 2007, driven by domestic business.

Net profits were 1.06 billion yuan (149.7 million US dollars) last year, with earnings per share of 1.29 yuan, the company said in its 2007 annual report.

Revenue rose 11 percent to 85 billion yuan, with domestic customers accounting for 70 percent of the total.

Changing tax policies slowed its steel exports in 2007, while strong domestic demand drove up domestic prices -- and raw material imports.

Since last April, China has cut export tax rebates and increased export duties four times, in addition to putting some steel products under an export licensing system. These steps were intended to help rationalize the industry and curb the expansion of production capacity.

Exports of rolled steel grew 45.8 percent to 62.65 million tons in 2007, but the growth rate was 63.7 percentage points less than the year-earlier level, according to customs figures.

The Shanghai-listed company said that restructuring would bring new opportunities for its development. It forecast revenue could reach 92 billion yuan in 2008.