China Natural Resources, Inc. Announces 2015 Results Of Operations

HONG KONG, April 28, 2016 /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, 2015 as follows.

 

CHINA NATURAL RESOURCES, INC.

CONSOLIDATED STATEMENTS OF PROFIT OR LOSS

YEARS ENDED DECEMBER 31, 2013, 2014 AND 2015

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








Year Ended December 31,




2013


2014


2015


2015




CNY


CNY


CNY


US$














CONTINUING OPERATIONS











Revenues


41,360



8,303



18,342


2,825

Cost of sales


(25,101)



(6,563)



(31,936)


(4,919)

Gross profit/(loss)


16,259



1,740



(13,594)


(2,094)

Selling and distribution expenses


(124)



(80)



(31)


(5)

Administrative expenses


(17,906)



(12,226)



(18,894)


(2,910)

Impairment loss on property, plant and equipment




(8,065)



(7,542)


(1,162)

Write-down/(Reversal of write-down) of inventories to net realizable value, net




(9,299)



5,474


843

Other operating (expenses)/income, net


(1,104)



554



412


63














OPERATING LOSS


(2,875)



(27,376)



(34,175)


(5,265)














Finance costs


(360)



(392)



(424)


(65)

Foreign exchange difference, net


2,445





(354)


(55)

Interest income


1,814



1,602



1,056


163

Non-operating expenses, net


(167)



(218)



(106)


(17)














PROFIT/(LOSS) BEFORE INCOME TAX FROM CONTINUING OPERATIONS


857



(26,384)



(34,003)


(5,239)














INCOME TAX EXPENSE


(2,142)



(6,839)



(1,504)


(232)














LOSS FOR THE YEAR FROM CONTINUING OPERATIONS


(1,285)



(33,223)



(35,507)


(5,471)














DISCONTINUED OPERATION 











Loss for the year from discontinued operations, net of tax


(334,537)



(10,708)

















LOSS FOR THE YEAR


(335,822)



(43,931)



(35,507)


(5,471)














ATTRIBUTABLE TO:











Owners of the Company











  From continuing operations


(1,285)



(33,223)



(35,507)


(5,471)

  From discontinued operations


(334,119)



(9,925)








(335,404)



(43,148)



(35,507)


(5,471)














Non-controlling interests











  From continuing operations







  From discontinued operations


(418)



(783)








(418)



(783)





















(335,822)



(43,931)



(35,507)


(5,471)














LOSS PER SHARE ATTRIBUTABLE TO OWNERS OF THE COMPANY:











Basic











- For loss from continuing operations


(0.05)



(1.33)



(1.43)


(0.22)

- For loss from discontinued operations


(13.41)



(0.40)




- Net loss per share


(13.46)



(1.73)



(1.43)


(0.22)














Diluted











- For loss from continuing operations


(0.05)



(1.33)



(1.43)


(0.22)

- For loss from discontinued operations


(13.41)



(0.40)




- Net loss per share


(13.46)



(1.73)



(1.43)


(0.22)

 

The consolidated statements of profits or loss of the Company for the years ended December 31, 2013, 2014 and 2015 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, 2015 to be contained in the Company's annual report on Form 20-F to be filed with the Commission on or prior to April 28, 2016.

Mr. Li Feilie, the Company's Chairman, commented on the results: "While the depressed market price for non-ferrous metals continues to put pressure on our industry, we are exploring new businesses opportunities to contribute to revenues and enhance shareholder values."

For the convenience of the reader, amounts in Chinese Yuan ("CNY") have been translated into United States dollars ("US$") at the rate of US$1.00=CNY6.4917 quoted by Bloomberg Finance L.P. on December 31, 2015.  The CNY is not freely convertible into foreign currencies and no representation is made that the CNY amounts could have been, or could be, converted into US$ 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.

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/china-natural-resources-inc-announces-2015-results-of-operations-300259419.html

SOURCE China Natural Resources, Inc.

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