Chinese cobalt powder producer Hanrui Cobalt recorded a surge in net profit in 2017, with the company benefitting from the higher prices for cobalt witnessed during the year.
Hanrui achieved a net profit of 449.4 million yuan ($70.9 million) last year, up from 66.6 million yuan in 2016, according to the company's financial report released on Tuesday February 13.The producer's total revenue also increased significantly in 2017, rising by 97% year on year to 1.46 billion yuan.Revenue from cobalt products made up the majority of this figure with 1.27 billion yuan, an increase of 107% from 2016, while revenue generated by copper products rose by 124% year on year to 196.6 million yuan.Hanrui Cobalt attributed the strong growth in revenue and net profit mainly to the surge in cobalt prices seen last year amid growing optimism over the...