It is reported that Jiangxi Special Electric Motor forecasts its net profit may grow between 80%YoY and 110%YoY in the first three quarters.

In the first half, net profit grew 164%YoY to CNY 26.38 million in line with its forecasts. The growth was attributed to increased orders of crane motors.

Jiangxi Motor signed CNY 460 million worth of contracts to supply engineering machinery maker Changsha Zoomlion Heavy Industry Science and Technology Development in June. The Yichun city based firm also bought prospecting rights to a lithium mine in an undisclosed location in Jiangxi province for CNY 58 million earlier.

The mine covers 6.43 square kilometers and is estimated to have reserves of 1.52 million tons of stone containing lithium.

(Sourced from yicai.com)