HONG KONG, April 27, 2012 /PRNewswire/ -- CHINA NATURAL RESOURCES, INC. (NASDAQ: CHNR), a company based in the People's Republic of China, today released annual results for the year ended December 31, 2011 (derived from the Company's audited financial statements) as follows.
CHINA NATURAL RESOURCES, INC.
CONSOLIDATED INCOME STATEMENTS
YEARS ENDED DECEMBER 31, 2010 AND 2011
(Amounts in thousands, except share and per share data)
Year Ended December 31,
COST OF SALES
SELLING AND DISTRIBUTION EXPENSES
OTHER OPERATING EXPENSES
SHARE OF LOSSES OF ASSOCIATES
GAIN ON DISPOSAL OF ASSOCIATES
GAIN FROM BARGAIN PURCHASE OF A SUBSIDIARY
NON-OPERATING (EXPENSES) INCOME, NET
PROFIT (LOSS) BEFORE INCOME TAX
INCOME TAX EXPENSE
PROFIT (LOSS) FOR THE YEAR
Owners of the Company
EARNINGS (LOSSES) PER SHARE ATTRIBUTABLE
TO ORDINARY EQUITY HOLDERS OF THE COMPANY:
The consolidated income statements of the Company for the years ended December 31, 2010 and 2011 have been prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB"). The consolidated income statements are derived from, and should be read in conjunction with, the Company's consolidated financial statements for the years ended December 31, 2010 and 2011, as filed with the Securities and Exchange Commission on April 27, 2012 under cover of Form 20-F.
Mr. Li Feilie, the Company's Chairman, commented on the results: "China Natural Resources recorded total revenues of CNY148.15 million (US$23.54 million) in 2011, up by 58.70% from a year earlier. The rise in revenues was mainly attributable to the higher production volume of anthracite in our coal division and the coal trading business. Following the gradual completion of construction and upgrade of our acquired coal mines, revenue from our coal division surpassed that of our metal division in 2011 and it will likely become our major source of revenue in the coming years. The operating loss of the Company improved from CNY61.31 million (US$9.74 million) in 2010 to CNY25.88 million (US$4.11 million) in 2011. The Company recorded a net loss attributable to owners of the Company of CNY65.98 million (US$10.48 million) in 2011. Identifying undervalued assets and pursuing growth through acquisition and consolidation of small to medium sized coal mines in Guizhou province of mainland China are our competitive edges. We intend to take advantage of the coal mine consolidation opportunity in Guizhou province this year and the year ahead. In view of the continuing economic growth in mainland China, we believe that demand for coal will continue to be robust in the foreseeable future. We are positive about the prospects of the coal mining industry in mainland China."
For the convenience of the reader, amounts in Chinese Yuan ("CNY") have been translated into United States dollars ("US$") at the rate of US$1.00=CNY6.2949 quoted by Bloomberg Finance L.P. on December 31, 2011. The CNY is not freely convertible into foreign currencies and no representation is made that the CNY amounts could have been, or could be, converted into US$ 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 (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 mines primarily located in Anhui Province in the PRC, and (b) the acquisition, development and production of coal resources in Guizhou Province in the PRC.
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.