Midas sees 62% leap in 2Q earnings to $3.8 mil

SINGAPORE (Aug 12): Midas Holdings, the manufacturer of aluminium alloy extrusion products for the passenger rail transportation sector, posted a 61.8% rise in 2Q16 earnings to RMB18.7 million ($3.8 million) from RMB11.6 million a year ago.

This was backed by a 2.3% increase in revenue to RMB382.8 million.

The group’s core division, aluminium alloy extruded products, reported a 3.1% increase in revenue to RMB381.4 million in the quarter. The transport industry was its main revenue contributor, accounting for 62.2% of its revenue in 2Q.

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