CHENGDU, April 11 (Xinhua) — Pangang Group Vanadium & Titanium Resources Co. said Thursday that its net profit in the first quarter of this year is expected to increase by 56 percent to 77 percent year on year to 730 million yuan to 830 million yuan (109 to 123 million U.S. dollars).
The Shenzhen-listed company attributed the surging profits to the price rise of vanadium products and sales growth.
The company, headquartered in the southwestern city of Panzhihua, known as China’s capital of vanadium and titanium, reported a sales of 15.2 billion yuan and a net income of 3.1 billion yuan in 2018, up 60.7 percent and 258 percent respectively.
As China’s largest vanadium production company, its products are widely used in industries including steel, electronics, non-ferrous metals and coatings inks.
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