China's Minmetals warns of '08 profit decline

HONG KONG, March 7 - Minmetals Resources Ltd <1208.HK>, the aluminium unit of base metals giant China Minmetals Corp, expects a substantial decline in profit in 2008, hit by higher costs of imported alumina and a global financial crisis. "The financial turmoil towards the end of 2008 has had a significant impact on various sectors across the global economy," the company said in a statement on Hong Kong's stock exchange. "The consolidated results of the group for the year ended 31 December 2008 are expected to decline significantly as compared with the corresponding period in 2007." The statement gave no additional financial details. Minmetals Resources reported HK$845.7 million ($109.1 million) in profit in 2007. Minmetals Resources' parent, state-owned China Minmetals Corp, agreed in February to buy Australia's OZ Minerals Ltd , the world's No.2 zinc miner, for $1.7 billion. [ID:nSYD343183].