China Minmetals' 2009 Profit Dives 56% on Lower Demand, Weaker Metal Prices

China Minmetals Corporation's 2009 profit fell 55.6 percent year-on-year to 3.15 billion yuan (462 million U.S. dollars) on weaker foreign demand and lower metal prices, the state-owned company said Thursday.

The Beijing-based metal and minerals trader's revenue declined 7.9 billion yuan in 2009 to 173 billion yuan, marking the first time since 2000 the company's annual revenue has dropped, Minmetals President Zhou Zhongshu said.

But 2009 was not without its bright spots, as the company acquired Australia's OZ Minerals Ltd. for a cost of 1.39 billion U.S. dollars, Zhou added.

Coal and iron ore imports both exceeded 10 million tonnes for the first time last year, Zhou said.

In 2008, Minmetals revenue soared 15.9 percent year-on-year to hit 180.9 billion yuan while its profits rocketed 27.8 percent year-on-year to hit 7.1 billion yuan, according to company data.

Minmetal's stock price dropped 1.05 percent to close at 16.92 yuan Thursday.