HONG KONG, Nov. 17, 2016
/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, 2016 as follows:
|
CONDENSED
CONSOLIDATED STATEMENTS OF PROFIT OR
LOSS AND OTHER
COMPREHENSIVE INCOME (UNAUDITED)
THREE AND SIX
MONTHS ENDED JUNE 30, 2016 AND 2015
(Amounts in
thousands, except per share data)
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|
|
|
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Three Months
Ended
June
30,
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Six Months
Ended
June
30,
|
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2015
|
|
2016
|
|
2016
|
|
2015
|
|
2016
|
|
2016
|
|
CNY
|
|
CNY
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|
US$
|
|
CNY
|
|
CNY
|
|
US$
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
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(Unaudited)
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|
|
|
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REVENUE
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12,058
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—
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|
|
—
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|
|
15,184
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—
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|
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—
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COST OF
SALES
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(13,482)
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|
—
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—
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(17,220)
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—
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—
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GROSS LOSS
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(1,424)
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—
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|
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—
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|
|
(2,036)
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—
|
|
|
—
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|
|
|
|
|
|
|
|
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SELLING AND
DISTRIBUTION EXPENSES
|
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(5)
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(5)
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|
(1)
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|
|
(19)
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|
|
(12)
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|
|
(2)
|
|
ADMINISTRATIVE
EXPENSES
|
|
(2,188)
|
|
|
(2,118)
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|
|
(319)
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|
|
(6,025)
|
|
|
(4,439)
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|
|
(669)
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LOSSES ARISING FROM
TEMPORARY SUSPENSION OF PRODUCTION
|
|
—
|
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(1,021)
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|
(154)
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|
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—
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|
(2,453)
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|
(370)
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IMPAIRMENT LOSS OF
PROPERTY, PLANT AND EQUIPMENT
|
|
(3,365)
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|
|
—
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|
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—
|
|
|
(3,365)
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|
|
—
|
|
|
—
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(WRITE DOWN)/REVERSAL
OF WRITE DOWN OF INVENTORIES TO NET REALIZABLE VALUE,
NET
|
|
(1,408)
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|
|
251
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|
|
38
|
|
|
(2,304)
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|
784
|
|
|
118
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OTHER OPERATING
INCOME
|
|
120
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|
|
71
|
|
|
11
|
|
|
120
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|
|
142
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|
|
22
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OPERATING
LOSS
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|
(8,270)
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|
(2,822)
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|
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(425)
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(13,629)
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|
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(5,978)
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(901)
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|
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FINANCE
COSTS
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|
(459)
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|
|
(86)
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|
(13)
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|
|
(212)
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|
|
(116)
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|
|
(17)
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INTEREST
INCOME
|
|
463
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|
65
|
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|
10
|
|
|
684
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|
164
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|
|
25
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EXCHANGE
LOSS
|
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—
|
|
|
—
|
|
|
—
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(354)
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|
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—
|
|
|
—
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NON-OPERATING
EXPENSE, NET
|
|
(5)
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|
|
(2,220)
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|
|
(334)
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|
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(5)
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|
|
(2,191)
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|
|
(330)
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LOSS BEFORE INCOME
TAX
|
|
(8,271)
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|
|
(5,063)
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|
|
(762)
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|
(13,516)
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|
|
(8,121)
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|
|
(1,223)
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INCOME TAX
EXPENSE
|
|
(1,132)
|
|
|
—
|
|
|
—
|
|
|
(1,132)
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|
—
|
|
|
—
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LOSS FOR THE
PERIOD
|
|
(9,403)
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|
|
(5,063)
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|
|
(762)
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|
(14,648)
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|
|
(8,121)
|
|
|
(1,223)
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Other comprehensive
income/ (loss):
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|
|
|
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|
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Items to be classified
to profit or loss in subsequent period:
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|
|
|
|
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|
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|
|
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Foreign currency
translation adjustments
|
|
500
|
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|
(1)
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|
|
—
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|
579
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(9)
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(1)
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Available-for-sale
investments:
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|
|
|
|
|
|
|
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|
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|
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|
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Changes in fair
value
|
|
221
|
|
|
—
|
|
|
—
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|
|
335
|
|
|
—
|
|
|
—
|
|
Reclassification
adjustments for gains included in the condensed consolidated
statement of profit or loss -gain on disposal
|
|
(221)
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|
|
—
|
|
|
—
|
|
|
(335)
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|
|
—
|
|
|
—
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TOTAL OTHER
COMPREHENSIVE INCOME /(LOSS)
|
|
500
|
|
|
(1)
|
|
|
—
|
|
|
579
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|
|
(9)
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|
(1)
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TOTAL COMPREHENSIVE
LOSS FOR THE PERIOD, NET OF TAX
|
|
(8,903)
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|
(5,064)
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|
(762)
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|
|
(14,069)
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|
|
(8,130)
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|
|
(1,224)
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CONDENSED
CONSOLIDATED STATEMENTS OF PROFIT OR
LOSS AND OTHER
COMPREHENSIVE INCOME (UNAUDITED) (Continued)
THREE AND SIX
MONTHS ENDED JUNE 30, 2016 AND 2015
(Amounts in
thousands, except per share data)
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|
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|
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Three Months
Ended
June
30,
|
|
Six Months
Ended
June
30,
|
|
2015
|
|
2016
|
|
2016
|
|
2015
|
|
2016
|
|
2016
|
|
CNY
|
|
CNY
|
|
US$
|
|
CNY
|
|
CNY
|
|
US$
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
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LOSS FOR THE PERIOD
ATTRIBUTABLE TO:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owners of the
Company
|
|
(9,403)
|
|
|
(5,063)
|
|
|
(762)
|
|
|
(14,648)
|
|
|
(8,121)
|
|
|
(1,223)
|
|
Non-controlling
interests
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(9,403)
|
|
|
(5,063)
|
|
|
(762)
|
|
|
(14,648)
|
|
|
(8,121)
|
|
|
(1,223)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive
loss attributable to:
|
|
|
|
|
|
|
|
|
|
|
|
|
Owners of the
Company
|
|
(8,903)
|
|
|
(5,064)
|
|
|
(762)
|
|
|
(14,069)
|
|
|
(8,130)
|
|
|
(1,224)
|
|
Non-controlling
interests
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(8,903)
|
|
|
(5,064)
|
|
|
(762)
|
|
|
(14,069)
|
|
|
(8,130)
|
|
|
(1,224)
|
|
LOSS PER SHARE
ATTRIBUTABLE TO OWNERS OF THE COMPANY:
|
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|
|
|
|
|
|
|
|
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|
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Basic
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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|
|
- Net loss per
share
|
|
(0.38)
|
|
|
(0.20)
|
|
|
(0.03)
|
|
|
(0.59)
|
|
|
(0.33)
|
|
|
(0.05)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Net loss per
share
|
|
(0.38)
|
|
|
(0.20)
|
|
|
(0.03)
|
|
|
(0.59)
|
|
|
(0.33)
|
|
|
(0.05)
|
|
CONDENSED
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
AS OF JUNE 30,
2016 (UNAUDITED) AND DECEMBER 31, 2015
(Amounts in
thousands)
|
|
|
|
|
|
|
|
December
31,
|
|
June
30,
|
|
June
30,
|
|
2015
|
|
2016
|
|
2016
|
|
CNY
|
|
CNY
|
|
US$
|
|
(Audited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
ASSETS
|
|
|
|
|
|
|
NON-CURRENT
ASSETS
|
|
|
|
|
|
|
Property, plant and
equipment
|
|
10,296
|
|
|
9,591
|
|
|
1,445
|
|
Rehabilitation
fund
|
|
3,957
|
|
|
4,052
|
|
|
611
|
|
|
|
|
|
|
|
|
|
|
TOTAL NON-CURRENT
ASSETS
|
|
14,253
|
|
|
13,643
|
|
|
2,056
|
|
|
|
|
|
|
|
|
|
|
CURRENT
ASSETS
|
|
|
|
|
|
|
|
|
|
Inventories
|
|
3,923
|
|
|
4,701
|
|
|
708
|
|
Prepayments
|
|
136
|
|
|
154
|
|
|
24
|
|
Other
receivables
|
|
488
|
|
|
559
|
|
|
84
|
|
Cash and cash
equivalents
|
|
32,840
|
|
|
18,182
|
|
|
2,740
|
|
|
|
|
|
|
|
|
|
|
TOTAL CURRENT
ASSETS
|
|
37,387
|
|
|
23,596
|
|
|
3,556
|
|
|
|
|
|
|
|
|
|
|
TOTAL
ASSETS
|
|
51,640
|
|
|
37,239
|
|
|
5,612
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES
|
|
|
|
|
|
|
|
|
|
Trade
payables
|
|
921
|
|
|
226
|
|
|
34
|
|
Other payables and
accrued liabilities
|
|
20,097
|
|
|
14,559
|
|
|
2,194
|
|
Taxes
payable
|
|
22,288
|
|
|
22,149
|
|
|
3,337
|
|
Due to the
Shareholder
|
|
11,752
|
|
|
12,001
|
|
|
1,808
|
|
Due to a related
company
|
|
3,932
|
|
|
3,814
|
|
|
575
|
|
Deferred
income
|
|
287
|
|
|
143
|
|
|
22
|
|
|
|
|
|
|
|
|
|
|
TOTAL CURRENT
LIABILITIES
|
|
59,277
|
|
|
52,892
|
|
|
7,970
|
|
|
|
|
|
|
|
|
|
|
NON-CURRENT
LIABILITIES
|
|
|
|
|
|
|
|
|
|
Asset retirement
obligations
|
|
4,639
|
|
|
4,753
|
|
|
716
|
|
|
|
|
|
|
|
|
|
|
TOTAL NON-CURRENT
LIABILITIES
|
|
4,639
|
|
|
4,753
|
|
|
716
|
|
|
|
|
|
|
|
|
|
|
TOTAL
LIABILITIES
|
|
63,916
|
|
|
57,645
|
|
|
8,686
|
|
|
|
|
|
|
|
|
|
|
EQUITY
|
|
|
|
|
|
|
|
|
|
Issued
capital
|
|
312,081
|
|
|
312,081
|
|
|
47,023
|
|
Other capital
reserves
|
|
636,960
|
|
|
636,960
|
|
|
95,974
|
|
Reserves
|
|
63,607
|
|
|
63,607
|
|
|
9,584
|
|
Accumulated
losses
|
|
(1,021,028)
|
|
|
(1,029,149)
|
|
|
(155,067)
|
|
Other comprehensive
losses
|
|
(3,896)
|
|
|
(3,905)
|
|
|
(588)
|
|
|
|
|
|
|
|
|
|
|
TOTAL SHAREHOLDERS'
DEFICIT
|
|
(12,276)
|
|
|
(20,406)
|
|
|
(3,074)
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND
EQUITY
|
|
51,640
|
|
|
37,239
|
|
|
5,612
|
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$1.00 =
CNY6.6368 as quoted by UKForex as of
June 30, 2016. No representation is
made that the CNY amounts could have been, or could be, converted
into US$ at that rate, or at all.
The condensed consolidated statements of operations and
comprehensive income for the three and six months ended
June 30, 2016 (unaudited) and the
condensed consolidated statements of financial position sheet as of
June 30, 2016 (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, 2016
and 2015, as filed with the Securities and Exchange Commission on
November 17, 2016 under cover of Form
6-K. The results of operations for the six months ended
June 30, 2016 are not necessarily
indicative of the results of operations that may be expected for
the year ending December 31,
2016.
Mr. Edward Wong, the Company's
Chairman and CEO, commented on the 2016 interim results: "While
exploration of additional mineable ore at Yangchong Mine is in
progress, the Group has decided to continue the temporary
suspension of mining and sales operations as the current market
price of iron concentrates remains too low for economically viable
operations. The sales price of iron concentrates has been improving
in 2016 and we expect to resume our sales operations when the price
rebounds to an acceptable level. We continue to explore
opportunities to acquire other projects in China that can generate cash and add value to
our shareholders."
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 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.
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.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/china-natural-resources-releases-interim-results-of-operations-300365425.html
SOURCE China Natural Resources, Inc.