HONG KONG, June 19, 2017 /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, 2016 as follows.
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CHINA NATURAL RESOURCES, INC.
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CONSOLIDATED
STATEMENTS OF PROFIT OR LOSS
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YEARS ENDED DECEMBER 31, 2014, 2015 AND
2016
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(Amounts in thousands, except share and per share
data)
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Year Ended December 31,
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2014
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2015
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2016
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2016
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CNY
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CNY
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CNY
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US$
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(Restated)
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CONTINUING OPERATIONS
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Revenues
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8,303
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18,342
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—
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—
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Cost of sales
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(6,563)
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(31,936)
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—
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—
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Gross profit/(loss)
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1,740
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(13,594)
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—
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—
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Selling and distribution expenses
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(80)
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(31)
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(23)
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(3)
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Administrative expenses
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(12,226)
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(20,163)
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(15,014)
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(2,162)
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Loss arising from temporary suspension of
production
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—
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(830)
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(4,073)
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(586)
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Impairment loss on property, plant and
equipment
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(8,065)
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(7,542)
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—
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—
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Write-down/(Reversal of write-down) of
inventories to net realizable value,
net
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(9,299)
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5,474
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1,744
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251
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Other operating income/(expenses),
net
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554
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(3,424)
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(3,182)
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(457)
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OPERATING LOSS
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(27,376)
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(40,110)
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(20,548)
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(2,957)
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Finance costs
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(392)
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(444)
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(331)
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(48)
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Foreign exchange difference, net
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—
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(354)
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—
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—
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Interest income
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1,602
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1,056
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194
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28
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Non-operating expenses, net
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(218)
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(93)
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(2,351)
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(339)
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LOSS BEFORE INCOME
TAX FROM
CONTINUING
OPERATIONS
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(26,384)
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(39,945)
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(23,036)
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(3,316)
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INCOME TAX EXPENSE
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(6,839)
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(1,504)
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—
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—
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LOSS FOR THE YEAR FROM CONTINUING
OPERATIONS
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(33,223)
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(41,449)
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(23,036)
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(3,316)
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DISCONTINUED OPERATIONS
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Loss for the period from discontinued
operations,
net of tax
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(10,708)
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—
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—
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—
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LOSS FOR THE YEAR
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(43,931)
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(41,449)
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(23,036)
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(3,316)
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ATTRIBUTABLE TO:
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Owners of the Company
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From continuing operations
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(33,223)
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(41,449)
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(23,036)
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(3,316)
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From discontinued operations
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(9,925)
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—
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—
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—
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(43,148)
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(41,449)
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(23,036)
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(3,316)
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Non-controlling interests
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From continuing operations
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—
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—
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—
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—
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From discontinued operations
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(783)
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—
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—
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—
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(783)
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—
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—
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—
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(43,931)
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(41,449)
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(23,036)
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(3,316)
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LOSS PER
SHARE ATTRIBUTABLE TO
OWNERS OF THE
COMPANY:
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Basic
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- For loss from continuing
operations
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(1.33)
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(1.66)
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(0.92)
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(0.13)
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- For loss from discontinued
operations
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(0.40)
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—
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—
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—
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- Net loss per
share
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(1.73)
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(1.66)
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(0.92)
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(0.13)
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Diluted
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- For loss from continuing
operations
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(1.33)
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(1.66)
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(0.92)
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(0.13)
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- For loss from discontinued
operations
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(0.40)
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—
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—
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—
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- Net loss per
share
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(1.73)
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(1.66)
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(0.92)
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(0.13)
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The consolidated statements of profits or loss of the
Company for the years ended December 31, 2014, 2015
and 2016 have been prepared in accordance
with International Financial Reporting Standards as issued by the
International Accounting Standards Board. 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, 2016
contained in the Company's annual report on Form 20-F filed with
the Commission on June 19,
2017.
The statement of profit or loss data for the year ended
December 31, 2016 includes the
results of operations of Double Grow International
Limited, which was acquired on December 23, 2016. The statement of profit or
loss data for the year ended December 31,
2015, has been restated retrospectively as a result of the
acquisition of Double Grow, by using the pooling of interest method
since Double Grow's incorporation date of December 17, 2014.
Mr. Wong Wah On
Edward, the Company's Chairman, commented on
the results: "In December 2016, we
successfully acquired a copper smelting plant in Bolivia. It is anticipated that commercial
production will commence during the fourth quarter of 2017 with
full production capacity of approximately 3,000 tonnes of copper
cathodes annually. In March 2017, we
sold our non-ferrous mining operations to an unrelated third party
after concluding that current market prices for non-ferrous metals,
and the related costs of extraction and processing, did not permit
us to engage in profitable mining operations. We will continue to
explore 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$1.00=CNY6.9448 quoted by
UKForex on December 31,
2016. The
CNY is not freely convertible into foreign currencies and no
representation is made that the CNY amounts could have been, or
could be, converted into US$ at that rate, or at all.
About China Natural Resources:
China
Natural Resources, Inc., a British Virgin
Islands corporation, through its operating subsidiary, is
currently preparing for trial production at its copper smelting
plant in Western Bolivia, and
anticipates that commercial production will commence in the latter
part of 2017. Revenues are expected from sales of copper cathodes
in markets including Bolivia,
Germany and China.
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, uncertainties
concerning our ability to commence commercial production of the
Company's copper smelting business in Bolivia, uncertainties regarding the
political, legal, social and economic circumstances in Bolivia, uncertainties associated with
volatility in the market price of copper, uncertainties associated
with the Company's ability to secure copper ore and other raw
materials supply for its copper smelting production, 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-2016-results-of-operations-300475976.html
SOURCE China Natural Resources, Inc.