Welcome!

.NET Authors: Lori MacVittie, Yeshim Deniz, Ivan Antsipau, Liz McMillan, Michael Bushong

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
Software AG helps organizations transform into Digital Enterprises, so they can differentiate from competitors and better engage customers, partners and employees. Using the Software AG Suite, companies can close the gap between business and IT to create digital systems of differentiation that drive front-line agility. We offer four on-ramps to the Digital Enterprise: alignment through collaborative process analysis; transformation through portfolio management; agility through process automation and integration; and visibility through intelligent business operations and big data.
There will be 50 billion Internet connected devices by 2020. Today, every manufacturer has a propriety protocol and an app. How do we securely integrate these "things" into our lives and businesses in a way that we can easily control and manage? Even better, how do we integrate these "things" so that they control and manage each other so our lives become more convenient or our businesses become more profitable and/or safe? We have heard that the best interface is no interface. In his session at Internet of @ThingsExpo, Chris Matthieu, Co-Founder & CTO at Octoblu, Inc., will discuss how these devices generate enough data to learn our behaviors and simplify/improve our lives. What if we could connect everything to everything? I'm not only talking about connecting things to things but also systems, cloud services, and people. Add in a little machine learning and artificial intelligence and now we have something interesting...
Last week, while in San Francisco, I used the Uber app and service four times. All four experiences were great, although one of the drivers stopped for 30 seconds and then left as I was walking up to the car. He must have realized I was a blogger. None the less, the next car was just a minute away and I suffered no pain. In this article, my colleague, Ved Sen, Global Head, Advisory Services Social, Mobile and Sensors at Cognizant shares his experiences and insights.
We are reaching the end of the beginning with WebRTC and real systems using this technology have begun to appear. One challenge that faces every WebRTC deployment (in some form or another) is identity management. For example, if you have an existing service – possibly built on a variety of different PaaS/SaaS offerings – and you want to add real-time communications you are faced with a challenge relating to user management, authentication, authorization, and validation. Service providers will want to use their existing identities, but these will have credentials already that are (hopefully) irreversibly encoded. In his session at Internet of @ThingsExpo, Peter Dunkley, Technical Director at Acision, will look at how this identity problem can be solved and discuss ways to use existing web identities for real-time communication.
From telemedicine to smart cars, digital homes and industrial monitoring, the explosive growth of IoT has created exciting new business opportunities for real time calls and messaging. In his session at Internet of @ThingsExpo, Ivelin Ivanov, CEO and Co-Founder of Telestax, will share some of the new revenue sources that IoT created for Restcomm – the open source telephony platform from Telestax. Ivelin Ivanov is a technology entrepreneur who founded Mobicents, an Open Source VoIP Platform, to help create, deploy, and manage applications integrating voice, video and data. He is the co-founder of TeleStax, an Open Source Cloud Communications company that helps the shift from legacy IN/SS7 telco networks to IP-based cloud comms. An early investor in multiple start-ups, he still finds time to code for his companies and contribute to open source projects.
Can call centers hang up the phones for good? Intuitive Solutions did. WebRTC enabled this contact center provider to eliminate antiquated telephony and desktop phone infrastructure with a pure web-based solution, allowing them to expand beyond brick-and-mortar confines to a home-based agent model. It also ensured scalability and better service for customers, including MUY! Companies, one of the country's largest franchise restaurant companies with 232 Pizza Hut locations. This is one example of WebRTC adoption today, but the potential is limitless when powered by IoT. Attendees will learn real-world benefits of WebRTC and explore future possibilities, as WebRTC and IoT intersect to improve customer service.
The Internet of Things (IoT) promises to create new business models as significant as those that were inspired by the Internet and the smartphone 20 and 10 years ago. What business, social and practical implications will this phenomenon bring? That's the subject of "Monetizing the Internet of Things: Perspectives from the Front Lines," an e-book released today and available free of charge from Aria Systems, the leading innovator in recurring revenue management.
The Internet of Things will put IT to its ultimate test by creating infinite new opportunities to digitize products and services, generate and analyze new data to improve customer satisfaction, and discover new ways to gain a competitive advantage across nearly every industry. In order to help corporate business units to capitalize on the rapidly evolving IoT opportunities, IT must stand up to a new set of challenges.
There’s Big Data, then there’s really Big Data from the Internet of Things. IoT is evolving to include many data possibilities like new types of event, log and network data. The volumes are enormous, generating tens of billions of logs per day, which raise data challenges. Early IoT deployments are relying heavily on both the cloud and managed service providers to navigate these challenges. In her session at 6th Big Data Expo®, Hannah Smalltree, Director at Treasure Data, to discuss how IoT, Big Data and deployments are processing massive data volumes from wearables, utilities and other machines.
All major researchers estimate there will be tens of billions devices – computers, smartphones, tablets, and sensors – connected to the Internet by 2020. This number will continue to grow at a rapid pace for the next several decades. With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo in Silicon Valley. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be!
P2P RTC will impact the landscape of communications, shifting from traditional telephony style communications models to OTT (Over-The-Top) cloud assisted & PaaS (Platform as a Service) communication services. The P2P shift will impact many areas of our lives, from mobile communication, human interactive web services, RTC and telephony infrastructure, user federation, security and privacy implications, business costs, and scalability. In his session at Internet of @ThingsExpo, Erik Lagerway, Co-founder of Hookflash, will walk through the shifting landscape of traditional telephone and voice services to the modern P2P RTC era of OTT cloud assisted services.
While great strides have been made relative to the video aspects of remote collaboration, audio technology has basically stagnated. Typically all audio is mixed to a single monaural stream and emanates from a single point, such as a speakerphone or a speaker associated with a video monitor. This leads to confusion and lack of understanding among participants especially regarding who is actually speaking. Spatial teleconferencing introduces the concept of acoustic spatial separation between conference participants in three dimensional space. This has been shown to significantly improve comprehension and conference efficiency.
The Internet of Things is tied together with a thin strand that is known as time. Coincidentally, at the core of nearly all data analytics is a timestamp. When working with time series data there are a few core principles that everyone should consider, especially across datasets where time is the common boundary. In his session at Internet of @ThingsExpo, Jim Scott, Director of Enterprise Strategy & Architecture at MapR Technologies, will discuss single-value, geo-spatial, and log time series data. By focusing on enterprise applications and the data center, he will use OpenTSDB as an example to explain some of these concepts including when to use different storage models.
SYS-CON Events announced today that Gridstore™, the leader in software-defined storage (SDS) purpose-built for Windows Servers and Hyper-V, will exhibit at SYS-CON's 15th International Cloud Expo®, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Gridstore™ is the leader in software-defined storage purpose built for virtualization that is designed to accelerate applications in virtualized environments. Using its patented Server-Side Virtual Controller™ Technology (SVCT) to eliminate the I/O blender effect and accelerate applications Gridstore delivers vmOptimized™ Storage that self-optimizes to each application or VM across both virtual and physical environments. Leveraging a grid architecture, Gridstore delivers the first end-to-end storage QoS to ensure the most important App or VM performance is never compromised. The storage grid, that uses Gridstore’s performance optimized nodes or capacity optimized nodes, starts with as few a...
The Transparent Cloud-computing Consortium (abbreviation: T-Cloud Consortium) will conduct research activities into changes in the computing model as a result of collaboration between "device" and "cloud" and the creation of new value and markets through organic data processing High speed and high quality networks, and dramatic improvements in computer processing capabilities, have greatly changed the nature of applications and made the storing and processing of data on the network commonplace. These technological reforms have not only changed computers and smartphones, but are also changing the data processing model for all information devices. In particular, in the area known as M2M (Machine-To-Machine), there are great expectations that information with a new type of value can be produced using a variety of devices and sensors saving/sharing data via the network and through large-scale cloud-type data processing. This consortium believes that attaching a huge number of devic...
Innodisk is a service-driven provider of industrial embedded flash and DRAM storage products and technologies, with a focus on the enterprise, industrial, aerospace, and defense industries. Innodisk is dedicated to serving their customers and business partners. Quality is vitally important when it comes to industrial embedded flash and DRAM storage products. That’s why Innodisk manufactures all of their products in their own purpose-built memory production facility. In fact, they designed and built their production center to maximize manufacturing efficiency and guarantee the highest quality of our products.
All major researchers estimate there will be tens of billions devices - computers, smartphones, tablets, and sensors - connected to the Internet by 2020. This number will continue to grow at a rapid pace for the next several decades. Over the summer Gartner released its much anticipated annual Hype Cycle report and the big news is that Internet of Things has now replaced Big Data as the most hyped technology. Indeed, we're hearing more and more about this fascinating new technological paradigm. Every other IT news item seems to be about IoT and its implications on the future of digital business.
Can call centers hang up the phones for good? Intuitive Solutions did. WebRTC enabled this contact center provider to eliminate antiquated telephony and desktop phone infrastructure with a pure web-based solution, allowing them to expand beyond brick-and-mortar confines to a home-based agent model. Download Slide Deck: ▸ Here
BSQUARE is a global leader of embedded software solutions. We enable smart connected systems at the device level and beyond that millions use every day and provide actionable data solutions for the growing Internet of Things (IoT) market. We empower our world-class customers with our products, services and solutions to achieve innovation and success. For more information, visit www.bsquare.com.
With the iCloud scandal seemingly in its past, Apple announced new iPhones, updates to iPad and MacBook as well as news on OSX Yosemite. Although consumers will have to wait to get their hands on some of that new stuff, what they can get is the latest release of iOS 8 that Apple made available for most in-market iPhones and iPads. Originally announced at WWDC (Apple’s annual developers conference) in June, iOS 8 seems to spearhead Apple’s newfound focus upon greater integration of their products into everyday tasks, cross-platform mobility and self-monitoring. Before you update your device, here is a look at some of the new features and things you may want to consider from a mobile security perspective.