China Molybdenum Co Limited has announced in its audited 2008 financial results. It gained net profit of CNY 1.641 billion in 2008, down by 26.77% YoY. Turnover decreased by 5.7% YoY to CNY 5.563 billion, gross profit down by 24.9% YoY to CNY 2.72 billion and pre tax profit down by 29.6% YoY to CNY 2.505 billion.

Although the company saw a modest increase in its total sales volume of molybdenum products such as molybdenum oxide and ferromolybdenum in 2008, it still recorded a reduction in turnover, mainly due to the rapid decrease in the selling price of molybdenum products. The price was mainly driven down by the intensifying global financial crisis in the fourth quarter of 2008.