China Natural Resources, Inc. Announces 2013 Results Of Operations

HONG KONG, March 31, 2014 /PRNewswire/ -- CHINA NATURAL RESOURCES, INC. (NASDAQ: CHNR), a company based in the People's Republic of China, today announced its results of operations for the year ended December 31, 2013 as follows.

 

CHINA NATURAL RESOURCES, INC.

CONSOLIDATED STATEMENTS OF PROFIT OR LOSS

YEARS ENDED DECEMBER 31, 2011, 2012 AND 2013

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





Year Ended December 31,




2011


2012


2013


2013




CNY


CNY


CNY


US$














CONTINUING OPERATIONS













REVENUES




42,940



14,728



41,360


6,832

COST OF SALES




(21,245)



(9,036)



(25,101)


(4,146)

GROSS PROFIT




21,695



5,692



16,259


2,686

SELLING AND DISTRIBUTION EXPENSES




(352)



(193)



(124)


(20)

ADMINISTRATIVE EXPENSES




(24,236)



(19,425)



(17,906)


(2,959)

OTHER OPERATING EXPENSES, NET






(2,457)



(1,104)


(182)














OPERATING LOSS




(2,893)



(16,383)



(2,875)


(475)














FINANCE COSTS




(374)



(325)



(360)


(59)

FOREIGN EXCHANGE DIFFERENCE, NET








2,445


404

INTEREST INCOME




1,149



1,574



1,814


300

NON-OPERATING INCOME (EXPENSES),
  NET




5,187



(222)



(167)


(28)














PROFIT (LOSS) BEFORE INCOME TAX 
  FROM CONTINUING OPERATIONS




3,069



(15,356)



857


142














INCOME TAX (EXPENSE) BENEFIT




(4,285)



965



(2,142)


(354)














LOSS FOR THE YEAR FROM CONTINUING
  OPERATIONS




(1,216)



(14,391)



(1,285)


(212)














DISCONTINUED OPERATION













Loss for the year from discontinued operations, net
  of tax




(64,900)



(67,056)



(334,537)


(55,256)














LOSS FOR THE YEAR




(66,116)



(81,447)



(335,822)


(55,468)














ATTRIBUTABLE TO:













Owners of the Company













  From continuing operations




(1,216)



(14,391)



(1,285)


(212)

  From discontinued operations




(64,759)



(75,312)



(334,119)


(55,187)

Non-controlling interests




(141)



8,256



(418)


(69)





(66,116)



(81,447)



(335,822)


(55,468)














LOSS PER SHARE ATTRIBUTABLE TO
  OWNERS OF THE COMPANY:













Basic













- For loss from continuing operations




(0.05)



(0.58)



(0.05)


(0.01)

- For loss from discontinued operations




(2.74)



(3.02)



(13.41)


(2.21)

- Net loss per share




(2.79)



(3.60)



(13.46)


(2.22)














Diluted













- For loss from continuing operations




(0.05)



(0.58)



(0.05)


(0.01)

- For loss from discontinued operations




(2.74)



(3.02)



(13.41)


(2.21)

- Net loss per share




(2.79)



(3.60)



(13.46)


(2.22)















 

The consolidated statements of profits or loss of the Company for the years ended December 31, 2011, 2012 and 2013 have been prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB"). The consolidated statements of profits or loss have been derived from and should be read in conjunction with the Company's audited consolidated financial statements for the year ended December 31, 2013 to be contained in the Company's annual report on Form 20-F to be filed with the Commission on or prior to April 30, 2014.

Mr. Li Feilie, the Company's Chairman, commented on the results: "China Natural Resources recorded total revenues of CNY41.36 million (US$6.83 million) in 2013, up by 180.83% from a year earlier. The rise in revenues was mainly attributable to an increase in the production volume of iron concentrates, partly offset by a decrease in the average selling price of iron concentrates and a decrease in the sales of both zinc concentrates and micaceous iron oxide-grey. In January 2014, the Company completed the spin-off (the "Spin-Off") and listing on The Stock Exchange of Hong Kong Limited of its shares in the Company's wholly-owned subsidiary, Feishang Anthracite Resources Limited, which operated the Company's coal mining businesses prior to the Spin-Off. Following the Spin-Off, we intend to continue to identify potential projects that will enhance the Company's value."

For the convenience of the reader, amounts in Chinese Yuan ("CNY") have been translated into United States dollars ("US$") at the rate of US$1.00=CNY6.0543 quoted by Bloomberg Finance L.P. on December 31, 2013.  The CNY is not freely convertible into foreign currencies and no representation is made that the CNY amounts could have been, or could be, converted into US$ at that rate, or at all.

About China Natural Resources:
China Natural Resources, Inc., a British Virgin Islands corporation, through its operating subsidiaries in the People's Republic of China, is currently engaged in 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 mines primarily located in Anhui Province in the PRC.

Forward-Looking Statements:
This press release includes forward-looking statements within the meaning of federal securities laws.  These forward-looking statements are based upon assumptions believed to be reliable, but involve risks and uncertainties that may cause actual results of operations to differ materially from the forward-looking statements.  Among the risks and uncertainties that could cause our actual results to differ from our forward-looking statements are our intent, belief and current expectations as to business operations and operating results of the Company, uncertainties regarding the governmental, economic, legal and political circumstances in the People's Republic of China, risks and hazards associated with the Company's mining activities, uncertainties associated with ore reserve estimates, uncertainties associated with metal and coal price volatility, uncertainties associated with the Company's reliance on third-party contractors, uncertainties relating to possible future increases in operating expenses, including costs of labor and materials,  and other risks detailed from time to time in the Company's Securities and Exchange Commission filings. Although the Company's management believes that the expectations reflected in forward-looking statements are reasonable, it can provide no assurance that such expectations will prove to be accurate.

SOURCE China Natural Resources, Inc.




Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

 

PR Newswire Membership

Fill out a PR Newswire membership form or contact us at (888) 776-0942.

Learn about PR Newswire services

Request more information about PR Newswire products and services or call us at (888) 776-0942.