Welcome!

Microsoft Cloud Authors: Pat Romanski, Jnan Dash, Andreas Grabner, Lori MacVittie, Jim Kaskade

News Feed Item

Results of MCC May Turn around as Burden Unloaded and Focus Shifted to the Principal Business

Hong Kong, Jan 30, 2013 - (ACN Newswire) - The Board of Metallurgical Corporation of China Ltd. published its annual results forecast for 2012. Due to major issues such as the substantial bad debt provision for accounts receivable of its MCC Huludao Nonferrous Metals Group Co., Ltd., the substantial provision for foreseeable contract losses of the undertaken Western Australia ("WA") SINO Iron Ore Project of CITIC Pacific, the provision for asset impairment on the Cape Lambert Assets and the substantial loss of polysilicon business affected by the industry, MCC is expected to record a loss in its annual operating results for the year ended 31 December 2012, with net loss attributable to the shareholders of the Company of approximately RMB7.2 billion.

Burden Unloaded

In recent years, MCC has devoted huge effort and resources to revitalize Huludao Nonferrous, a company that has been generating years of operating losses with bleak prospect. However, the development of Huludao Nonferrous is restrained due to its fundamental problems such as its obsolete techniques and equipment, surplus staff, heavy historical and social burden and huge liabilities. It is difficult for Huludao Nonferrous to reverse its position of making losses which has been deteriorating to an irretrievable situation. Earlier, in order to seek widespread support from relevant parties to tackle the problem of Huludao Nonferrous in a better way, MCC announced a transfer of its 51.06% equity interests in Huludao Nonferrous Group to MCC Group. However, it still retained a loan to Huludao Nonferrous. This time, MCC exerted itself again to make a bad debt provision of its loan to Huludao Nonferrous. As such, the huge, long-standing and difficult problem that has been bothering MCC for years was completely solved.

In the meantime, in respect of the undertaken WA Sino Iron Ore Project which concerned the market, MCC made a provision for anticipated contract losses according to relevant rules provided under the PRC Accounting Standards for Business Enterprises. The construction cost of the undertaken WA Sino Iron Ore Project was subject to various changes. However, with reference to an announcement made by MCC, currently, the project construction costs approved by the owner amounted to USD4.357 billion. The total cost actually incurred by the project construction, after being audited and confirmed by the third party, was recognized as the final contract amount. In the principle of prudence, MCC accrued for the anticipated contract losses related to the project, thus mitigated the unfavorable effects of the uncertainties of the project on MCC's future performance.

A Focus on the Principal Business

MCC which started its business in traditional metallurgical engineering and construction contracting and boasts a host of well-established enterprises in the fields of research and development, design and construction is a metallurgical engineering and construction contractor with long history and technical strength. Confronted with the adverse impact from the problem of overcapacity in the iron and steel industry, the contraction of metallurgical business and the macro-economic conditions, MCC consolidated its competitiveness in the field of metallurgical engineering and construction contracting and tapped into the non-metallurgical engineering and construction contracting markets proactively, thus delivering stable and satisfactory results in engineering and construction contracting of metallurgical construction, housing construction, urban infrastructure, highways construction and real estate development all along.

At a recent internal annual working conference held within MCC, MCC proposed its aspiration to "focus on MCC's principal business and develop a 'better MCC'". In addition, the Company vowed to pursue significant enhancement in its quality and efficiency in 2013 and to spare no efforts in promoting reformation and innovation.

Possible Turning Point for the Results of MCC

As MCC unloaded the burden of Huludao Nonferrous, its traditional principal business will achieve smooth development on the back of national strategic urbanization. Without the said burden and with its focus on principal business as a tradeoff, the Company may be able to turn around its performance and embrace the opportunities of another round of stable development.



Copyright 2013 ACN Newswire. All rights reserved.

More Stories By ACN Newswire

Copyright 2008 ACN Newswire. All rights reserved. Republication or redistribution of ACN Newswire content is expressly prohibited without the prior written consent of ACN Newswire. ACN Newswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

@ThingsExpo Stories
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place June 6-8, 2017, at the Javits Center in New York City, New York, is co-located with 20th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry p...
The security needs of IoT environments require a strong, proven approach to maintain security, trust and privacy in their ecosystem. Assurance and protection of device identity, secure data encryption and authentication are the key security challenges organizations are trying to address when integrating IoT devices. This holds true for IoT applications in a wide range of industries, for example, healthcare, consumer devices, and manufacturing. In his session at @ThingsExpo, Lancen LaChance, vic...
Who are you? How do you introduce yourself? Do you use a name, or do you greet a friend by the last four digits of his social security number? Assuming you don’t, why are we content to associate our identity with 10 random digits assigned by our phone company? Identity is an issue that affects everyone, but as individuals we don’t spend a lot of time thinking about it. In his session at @ThingsExpo, Ben Klang, Founder & President of Mojo Lingo, discussed the impact of technology on identity. Sho...
Manufacturers are embracing the Industrial Internet the same way consumers are leveraging Fitbits – to improve overall health and wellness. Both can provide consistent measurement, visibility, and suggest performance improvements customized to help reach goals. Fitbit users can view real-time data and make adjustments to increase their activity. In his session at @ThingsExpo, Mark Bernardo Professional Services Leader, Americas, at GE Digital, discussed how leveraging the Industrial Internet and...
IoT generates lots of temporal data. But how do you unlock its value? You need to discover patterns that are repeatable in vast quantities of data, understand their meaning, and implement scalable monitoring across multiple data streams in order to monetize the discoveries and insights. Motif discovery and deep learning platforms are emerging to visualize sensor data, to search for patterns and to build application that can monitor real time streams efficiently. In his session at @ThingsExpo, ...
What are the new priorities for the connected business? First: businesses need to think differently about the types of connections they will need to make – these span well beyond the traditional app to app into more modern forms of integration including SaaS integrations, mobile integrations, APIs, device integration and Big Data integration. It’s important these are unified together vs. doing them all piecemeal. Second, these types of connections need to be simple to design, adapt and configure...
"ReadyTalk is an audio and web video conferencing provider. We've really come to embrace WebRTC as the platform for our future of technology," explained Dan Cunningham, CTO of ReadyTalk, in this SYS-CON.tv interview at WebRTC Summit at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
A critical component of any IoT project is what to do with all the data being generated. This data needs to be captured, processed, structured, and stored in a way to facilitate different kinds of queries. Traditional data warehouse and analytical systems are mature technologies that can be used to handle certain kinds of queries, but they are not always well suited to many problems, particularly when there is a need for real-time insights.
WebRTC is about the data channel as much as about video and audio conferencing. However, basically all commercial WebRTC applications have been built with a focus on audio and video. The handling of “data” has been limited to text chat and file download – all other data sharing seems to end with screensharing. What is holding back a more intensive use of peer-to-peer data? In her session at @ThingsExpo, Dr Silvia Pfeiffer, WebRTC Applications Team Lead at National ICT Australia, looked at differ...
In his General Session at 16th Cloud Expo, David Shacochis, host of The Hybrid IT Files podcast and Vice President at CenturyLink, investigated three key trends of the “gigabit economy" though the story of a Fortune 500 communications company in transformation. Narrating how multi-modal hybrid IT, service automation, and agile delivery all intersect, he will cover the role of storytelling and empathy in achieving strategic alignment between the enterprise and its information technology.
Growth hacking is common for startups to make unheard-of progress in building their business. Career Hacks can help Geek Girls and those who support them (yes, that's you too, Dad!) to excel in this typically male-dominated world. Get ready to learn the facts: Is there a bias against women in the tech / developer communities? Why are women 50% of the workforce, but hold only 24% of the STEM or IT positions? Some beginnings of what to do about it! In her Day 2 Keynote at 17th Cloud Expo, Sandy Ca...
You have great SaaS business app ideas. You want to turn your idea quickly into a functional and engaging proof of concept. You need to be able to modify it to meet customers' needs, and you need to deliver a complete and secure SaaS application. How could you achieve all the above and yet avoid unforeseen IT requirements that add unnecessary cost and complexity? You also want your app to be responsive in any device at any time. In his session at 19th Cloud Expo, Mark Allen, General Manager of...
Web Real-Time Communication APIs have quickly revolutionized what browsers are capable of. In addition to video and audio streams, we can now bi-directionally send arbitrary data over WebRTC's PeerConnection Data Channels. With the advent of Progressive Web Apps and new hardware APIs such as WebBluetooh and WebUSB, we can finally enable users to stitch together the Internet of Things directly from their browsers while communicating privately and securely in a decentralized way.
Providing secure, mobile access to sensitive data sets is a critical element in realizing the full potential of cloud computing. However, large data caches remain inaccessible to edge devices for reasons of security, size, format or limited viewing capabilities. Medical imaging, computer aided design and seismic interpretation are just a few examples of industries facing this challenge. Rather than fighting for incremental gains by pulling these datasets to edge devices, we need to embrace the i...
Internet of @ThingsExpo, taking place June 6-8, 2017 at the Javits Center in New York City, New York, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. @ThingsExpo New York Call for Papers is now open.
For basic one-to-one voice or video calling solutions, WebRTC has proven to be a very powerful technology. Although WebRTC’s core functionality is to provide secure, real-time p2p media streaming, leveraging native platform features and server-side components brings up new communication capabilities for web and native mobile applications, allowing for advanced multi-user use cases such as video broadcasting, conferencing, and media recording.
Things are changing so quickly in IoT that it would take a wizard to predict which ecosystem will gain the most traction. In order for IoT to reach its potential, smart devices must be able to work together. Today, there are a slew of interoperability standards being promoted by big names to make this happen: HomeKit, Brillo and Alljoyn. In his session at @ThingsExpo, Adam Justice, vice president and general manager of Grid Connect, will review what happens when smart devices don’t work togethe...
"There's a growing demand from users for things to be faster. When you think about all the transactions or interactions users will have with your product and everything that is between those transactions and interactions - what drives us at Catchpoint Systems is the idea to measure that and to analyze it," explained Leo Vasiliou, Director of Web Performance Engineering at Catchpoint Systems, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York Ci...
The 20th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held June 6-8, 2017, at the Javits Center in New York City, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Containers, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportunity. Submit your speaking proposal ...
In the next five to ten years, millions, if not billions of things will become smarter. This smartness goes beyond connected things in our homes like the fridge, thermostat and fancy lighting, and into heavily regulated industries including aerospace, pharmaceutical/medical devices and energy. “Smartness” will embed itself within individual products that are part of our daily lives. We will engage with smart products - learning from them, informing them, and communicating with them. Smart produc...