Welcome!

Microsoft Cloud Authors: Yung Chou, David Bermingham, Jayaram Krishnaswamy, Dana Gardner, Pat Romanski

News Feed Item

China Natural Resources Releases Interim Results Of Operations

HONG KONG, Dec. 21, 2012 /PRNewswire/ -- CHINA NATURAL RESOURCES, INC. (NASDAQ: CHNR), a company based in the People's Republic of China, today released unaudited interim financial information for the three and six months ended June 30, 2012 as follows:

CHINA NATURAL RESOURCES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (UNAUDITED)

THREE AND SIX MONTHS ENDED JUNE 30, 2012 AND 2011

(Amounts in thousands, except share and per share data)



Three Months Ended June 30,


Six Months Ended June 30,


2011


2012


2012


2011


2012


2012


CNY


CNY


US$


CNY


CNY


US$













REVENUE

59,977


37,841


5,950


68,070


66,903


10,519

COST OF SALES

(38,786)


(22,344)


(3,513)


(43,853)


(38,687)


(6,083)

GROSS PROFIT

21,191


15,497


2,437


24,217


28,216


4,436













SELLING AND DISTRIBUTION EXPENSES

(849)


(840)


(132)


(1,614)


(1,525)


(240)

ADMINISTRATIVE EXPENSES

(17,383)


(21,203)


(3,334)


(33,837)


(39,166)


(6,159)

OTHER OPERATING EXPENSES


(3,591)


(565)



(4,704)


(739)

OPERATING PROFIT (LOSS)

2,959


(10,137)


(1,594)


(11,234)


(17,179)


(2,702)

FINANCE COST

(6,561)


(11,368)


(1,787)


(11,831)


(20,818)


(3,273)

INTEREST INCOME

246


905


142


372


1,695


267

NON-OPERATING INCOME (EXPENSE), NET

19


(858)


(134)


(54)


(889)


(140)

LOSS BEFORE INCOME TAX

(3,337)


(21,458)


(3,373)


(22,747)


(37,191)


(5,848)

INCOME TAX EXPENSE

(4,446)


(7,078)


(1,113)


(5,825)


(8,361)


(1,315)

LOSS FOR THE PERIOD

(7,783)


(28,536)


(4,486)


(28,572)


(45,552)


(7,163)













ATTRIBUTABLE TO:












Owners of the Company

(7,565)


(28,547)


(4,488)


(28,241)


(47,707)


(7,502)

Non-controlling interests

(218)


11


2


(331)


2,155


339


(7,783)


(28,536)


(4,486)


(28,572)


(45,552)


(7,163)













LOSS PER SHARE ATTRIBUTABLE TO
ORDINARY EQUITY HOLDERS OF THE
COMPANY












Basic

(0.33)


(1.15)


(0.18)


(1.24)


(1.92)


(0.30)













Diluted

(0.33)


(1.15)


(0.18)


(1.24)


(1.92)


(0.30)













LOSS FOR THE PERIOD

(7,783)


(28,536)


(4,486)


(28,572)


(45,552)


(7,163)













Other comprehensive income (loss):












Foreign currency translation adjustments

5,394


(2,794)


(439)


8,279


(2,579)


(406)

TOTAL COMPREHENSIVE LOSS FOR THE
PERIOD, NET OF TAX

(2,389)


(31,330)


(4,925)


(20,293)


(48,131)


(7,569)













Attributable to:












Owners of the Company

(2,171)


(31,341)


(4,927)


(19,962)


(50,286)


(7,908)

Non-controlling interests

(218)


11


2


(331)


2,155


339


(2,389)


(31,330)


(4,925)


(20,293)


(48,131)


(7,569)













 

CONDENSED CONSOLIDATED BALANCE SHEETS

AS OF JUNE 30, 2012 AND DECEMBER 31, 2011

(Amounts in thousands, except share data)





December 31,


June 30,


June 30,




2011


2012


2012




CNY


CNY


US$





(Unaudited)


(Unaudited)









ASSETS








NON-CURRENT ASSETS








Property, plant and equipment



2,053,173


2,166,287


340,611

Rehabilitation fund



26,019


33,507


5,268

Prepayments



80,418


141,488


22,247

Deferred tax assets



2,825


2,384


375









TOTAL NON-CURRENT ASSETS



2,162,435


2,343,666


368,501









CURRENT ASSETS








Inventories



11,787


16,864


2,652

Trade and bill receivables



31,205


15,699


2,468

Prepayments



13,091


12,525


1,969

Other receivables



21,289


28,435


4,471

Due from related companies



774



Restricted bank deposits



21,000


10,791


1,697

Term deposits with an original maturity over three

months



20,000


20,000


3,145

Cash and cash equivalents


136,587


289,184


45,469








TOTAL CURRENT ASSETS


255,733


393,498


61,871








TOTAL ASSETS


2,418,168


2,737,164


430,372








LIABILITIES AND EQUITY














CURRENT LIABILITIES







Trade and bill payables


70,882


76,113


11,967

Other payables and accrued liabilities


52,173


53,923


8,478

Interest bearing loans


225,000


297,000


46,698

Due to related companies


184,477


342,777


53,896

Interest payable


5,979


5,742


903

Taxes payable


23,923


28,334


4,456

Mining rights payable


22,612


20,860


3,280








TOTAL CURRENT LIABILITIES

585,046


824,749


129,678

NET CURRENT LIABILITIES

(329,313)


(431,251)


(67,807)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,833,122


1,912,415


300,694







NON-CURRENT LIABILITIES







Interest bearing loans


523,742


656,742


103,261

Due to the Shareholder


262,657


265,247


41,706

Interest payable


18,205


20,070


3,156

Deferred tax liabilities


290,043


291,017


45,757

Mining rights payable


103,378


91,718


14,421

Asset retirement obligations


9,204


9,861


1,550








TOTAL NON-CURRENT LIABILITIES


1,207,229


1,334,655


209,851








TOTAL LIABILITIES


1,792,275


2,159,404


339,529








EQUITY







Issued capital


312,081


312,081


49,069

Other capital reserves


536,872


536,872


84,414

Reserves


19,209


57,231


8,998

Accumulated losses


(322,714)


(408,445)


(64,221)

Other comprehensive losses


(5,240)


(7,820)


(1,230)








EQUITY ATTRIBUTABLE TO OWNERS OF THE COMPANY

540,208


489,919


77,030

NON-CONTROLLING INTERESTS

85,685


87,841


13,813

TOTAL EQUITY

625,893


577,760


90,843







TOTAL LIABILITIES AND EQUITY

2,418,168


2,737,164


430,372







For the convenience of the reader, amounts in Renminbi, the Chinese currency ("CNY"), have been translated into United States dollars ("US$") at the applicable rate of US$1.00 = CNY6.36 as quoted by Bloomberg Finance L.P. as of June 30, 2012. No representation is made that the CNY amounts could have been, or could be, converted into US$ at that rate, or at all.

The condensed consolidated statements of operations and comprehensive income for the three and six months ended June 30, 2012 (unaudited) and the condensed consolidated balance sheet as of June 30, 2012 (unaudited) are derived from, and should be read in conjunction with, the Company's unaudited condensed consolidated financial statements for the three and six months ended June 30, 2012 and 2011, which was filed with the Securities and Exchange Commission on December 21, 2012 under cover of Form 6-K. The results of operations for the six months ended June 30, 2012 are not necessarily indicative of the results of operations that may be expected for the year ending December 31, 2012.

Mr. Feilie Li, the Company's Chairman and CEO, commented on the 2012 interim results: "In view of the continuing economic growth in the PRC, we believe that demand for coal, in particular coal used in the chemical industry, will continue to be robust in the medium and long run. We are positive about the prospects for the coal mining industry in the PRC and we will continue to pursue growth through acquisition and consolidation of small to medium sized coal mines in Guizhou province."

About China Natural Resources, Inc.:

China Natural Resources, Inc., a British Virgin Islands corporation, through its operating subsidiaries in the People's Republic of China, is currently engaged in (a) the acquisition and exploitation of mining rights, including the exploration, mineral extraction, processing and sale of iron, zinc and other nonferrous metals, extracted or produced at mine primarily located in Anhui Province in the PRC, and (b) the acquisition, exploration, development and production of coal resources in Guizhou Province in the PRC.

Forward-Looking Statements:

This press release includes forward-looking statements within the meaning of federal securities laws. These statements include, without limitation, statements regarding the intent, belief and current expectations of management with respect to the Company's policies regarding investments, dispositions, financings, conflicts of interest and other matters; and trends affecting the Company's financial condition or results of operations. Forward-looking statements are not a guarantee of future performance and involve risks and uncertainties, many of which are outside of our control, and actual results may differ materially from those in the forward-looking statement. Among the risks and uncertainties that could cause our actual results to differ from our forward-looking statements are: uncertainties relating to our business operations and operating results; uncertainties regarding the governmental, economic and political environment in the People's Republic of China; uncertainties associated with metal and coal price volatility; uncertainties associated with the Company's reliance on third-party contractors and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission, including without limitation the information set forth in our Annual Report on Form 20-F under the heading "Risk Factors". While management believes that its assumptions forming the bases for forward looking statements are reasonable, assumed facts or bases generally vary from actual results, and there can be no assurance that the expectations or beliefs expressed in forward looking statements will be achieved or accomplished.

SOURCE China Natural Resources, Inc.

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

@ThingsExpo Stories
With the Apple Watch making its way onto wrists all over the world, it’s only a matter of time before it becomes a staple in the workplace. In fact, Forrester reported that 68 percent of technology and business decision-makers characterize wearables as a top priority for 2015. Recognizing their business value early on, FinancialForce.com was the first to bring ERP to wearables, helping streamline communication across front and back office functions. In his session at @ThingsExpo, Kevin Roberts...
The Quantified Economy represents the total global addressable market (TAM) for IoT that, according to a recent IDC report, will grow to an unprecedented $1.3 trillion by 2019. With this the third wave of the Internet-global proliferation of connected devices, appliances and sensors is poised to take off in 2016. In his session at @ThingsExpo, David McLauchlan, CEO and co-founder of Buddy Platform, will discuss how the ability to access and analyze the massive volume of streaming data from mil...
As enterprises work to take advantage of Big Data technologies, they frequently become distracted by product-level decisions. In most new Big Data builds this approach is completely counter-productive: it presupposes tools that may not be a fit for development teams, forces IT to take on the burden of evaluating and maintaining unfamiliar technology, and represents a major up-front expense. In his session at @BigDataExpo at @ThingsExpo, Andrew Warfield, CTO and Co-Founder of Coho Data, will dis...
SYS-CON Events announced today that iDevices®, the preeminent brand in the connected home industry, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. iDevices, the preeminent brand in the connected home industry, has a growing line of HomeKit-enabled products available at the largest retailers worldwide. Through the “Designed with iDevices” co-development program and its custom-built IoT Cloud Infrastruc...
Eighty percent of a data scientist’s time is spent gathering and cleaning up data, and 80% of all data is unstructured and almost never analyzed. Cognitive computing, in combination with Big Data, is changing the equation by creating data reservoirs and using natural language processing to enable analysis of unstructured data sources. This is impacting every aspect of the analytics profession from how data is mined (and by whom) to how it is delivered. This is not some futuristic vision: it's ha...
Silver Spring Networks, Inc. (NYSE: SSNI) extended its Internet of Things technology platform with performance enhancements to Gen5 – its fifth generation critical infrastructure networking platform. Already delivering nearly 23 million devices on five continents as one of the leading networking providers in the market, Silver Spring announced it is doubling the maximum speed of its Gen5 network to up to 2.4 Mbps, increasing computational performance by 10x, supporting simultaneous mesh communic...
The cloud promises new levels of agility and cost-savings for Big Data, data warehousing and analytics. But it’s challenging to understand all the options – from IaaS and PaaS to newer services like HaaS (Hadoop as a Service) and BDaaS (Big Data as a Service). In her session at @BigDataExpo at @ThingsExpo, Hannah Smalltree, a director at Cazena, will provide an educational overview of emerging “as-a-service” options for Big Data in the cloud. This is critical background for IT and data profes...
SYS-CON Events announced today that Men & Mice, the leading global provider of DNS, DHCP and IP address management overlay solutions, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. The Men & Mice Suite overlay solution is already known for its powerful application in heterogeneous operating environments, enabling enterprises to scale without fuss. Building on a solid range of diverse platform support,...
One of the bewildering things about DevOps is integrating the massive toolchain including the dozens of new tools that seem to crop up every year. Part of DevOps is Continuous Delivery and having a complex toolchain can add additional integration and setup to your developer environment. In his session at @DevOpsSummit at 18th Cloud Expo, Miko Matsumura, Chief Marketing Officer of Gradle Inc., will discuss which tools to use in a developer stack, how to provision the toolchain to minimize onboa...
SYS-CON Events announced today that Avere Systems, a leading provider of enterprise storage for the hybrid cloud, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Avere delivers a more modern architectural approach to storage that doesn’t require the overprovisioning of storage capacity to achieve performance, overspending on expensive storage media for inactive data or the overbuilding of data centers ...
SYS-CON Events announced today that Alert Logic, Inc., the leading provider of Security-as-a-Service solutions for the cloud, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Alert Logic, Inc., provides Security-as-a-Service for on-premises, cloud, and hybrid infrastructures, delivering deep security insight and continuous protection for customers at a lower cost than traditional security solutions. Ful...
SYS-CON Events announced today that Interoute, owner-operator of one of Europe's largest networks and a global cloud services platform, has been named “Bronze Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2015 at the Javits Center in New York, New York. Interoute is the owner-operator of one of Europe's largest networks and a global cloud services platform which encompasses 12 data centers, 14 virtual data centers and 31 colocation centers, with connections to 195 ad...
Companies can harness IoT and predictive analytics to sustain business continuity; predict and manage site performance during emergencies; minimize expensive reactive maintenance; and forecast equipment and maintenance budgets and expenditures. Providing cost-effective, uninterrupted service is challenging, particularly for organizations with geographically dispersed operations.
SYS-CON Events announced today that Commvault, a global leader in enterprise data protection and information management, has been named “Bronze Sponsor” of SYS-CON's 18th International Cloud Expo, which will take place on June 7–9, 2016, at the Javits Center in New York City, NY, and the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Commvault is a leading provider of data protection and information management...
SYS-CON Events announced today that VAI, a leading ERP software provider, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. VAI (Vormittag Associates, Inc.) is a leading independent mid-market ERP software developer renowned for its flexible solutions and ability to automate critical business functions for the distribution, manufacturing, specialty retail and service sectors. An IBM Premier Business Part...
With an estimated 50 billion devices connected to the Internet by 2020, several industries will begin to expand their capabilities for retaining end point data at the edge to better utilize the range of data types and sheer volume of M2M data generated by the Internet of Things. In his session at @ThingsExpo, Don DeLoach, CEO and President of Infobright, will discuss the infrastructures businesses will need to implement to handle this explosion of data by providing specific use cases for filte...
Fortunately, meaningful and tangible business cases for IoT are plentiful in a broad array of industries and vertical markets. These range from simple warranty cost reduction for capital intensive assets, to minimizing downtime for vital business tools, to creating feedback loops improving product design, to improving and enhancing enterprise customer experiences. All of these business cases, which will be briefly explored in this session, hinge on cost effectively extracting relevant data from ...
Cognitive Computing is becoming the foundation for a new generation of solutions that have the potential to transform business. Unlike traditional approaches to building solutions, a cognitive computing approach allows the data to help determine the way applications are designed. This contrasts with conventional software development that begins with defining logic based on the current way a business operates. In her session at 18th Cloud Expo, Judith S. Hurwitz, President and CEO of Hurwitz & ...
SYS-CON Events announced today that Pythian, a global IT services company specializing in helping companies adopt disruptive technologies to optimize revenue-generating systems, has been named “Bronze Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2015 at the Javits Center in New York, New York. Founded in 1997, Pythian is a global IT services company that helps companies compete by adopting disruptive technologies such as cloud, Big Data, advanced analytics, and DevO...
SYS-CON Events announced today that Fusion, a leading provider of cloud services, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Fusion, a leading provider of integrated cloud solutions to small, medium and large businesses, is the industry's single source for the cloud. Fusion's advanced, proprietary cloud service platform enables the integration of leading edge solutions in the cloud, including clou...