SParikh wrote: This article speaks true to the importance and capitalizing of the cloud. Me having experience dealing with cloud based tech and consulting and integration services, I realize the need for a secure and consistant cloud service. Many people are concerned with the privacy, or lack thereof, that could occur with storing personal documents into a non-physical storage unit. I can see, though with companies such as ours and Metacloud, we are working toward a more secure and easy to use cloud system for both personal and professional use.
Spursh Parikh
www.sererra.com
HONG KONG, Dec. 21, 2012 /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, 2012 as follows:
CHINA NATURAL RESOURCES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (UNAUDITED)
THREE AND SIX MONTHS ENDED JUNE 30, 2012 AND 2011
(Amounts in thousands, except share and per share data)
Three Months Ended June 30,
Six Months Ended June 30,
2011
2012
2012
2011
2012
2012
CNY
CNY
US$
CNY
CNY
US$
REVENUE
59,977
37,841
5,950
68,070
66,903
10,519
COST OF SALES
(38,786)
(22,344)
(3,513)
(43,853)
(38,687)
(6,083)
GROSS PROFIT
21,191
15,497
2,437
24,217
28,216
4,436
SELLING AND DISTRIBUTION EXPENSES
(849)
(840)
(132)
(1,614)
(1,525)
(240)
ADMINISTRATIVE EXPENSES
(17,383)
(21,203)
(3,334)
(33,837)
(39,166)
(6,159)
OTHER OPERATING EXPENSES
—
(3,591)
(565)
—
(4,704)
(739)
OPERATING PROFIT (LOSS)
2,959
(10,137)
(1,594)
(11,234)
(17,179)
(2,702)
FINANCE COST
(6,561)
(11,368)
(1,787)
(11,831)
(20,818)
(3,273)
INTEREST INCOME
246
905
142
372
1,695
267
NON-OPERATING INCOME (EXPENSE), NET
19
(858)
(134)
(54)
(889)
(140)
LOSS BEFORE INCOME TAX
(3,337)
(21,458)
(3,373)
(22,747)
(37,191)
(5,848)
INCOME TAX EXPENSE
(4,446)
(7,078)
(1,113)
(5,825)
(8,361)
(1,315)
LOSS FOR THE PERIOD
(7,783)
(28,536)
(4,486)
(28,572)
(45,552)
(7,163)
ATTRIBUTABLE TO:
Owners of the Company
(7,565)
(28,547)
(4,488)
(28,241)
(47,707)
(7,502)
Non-controlling interests
(218)
11
2
(331)
2,155
339
(7,783)
(28,536)
(4,486)
(28,572)
(45,552)
(7,163)
LOSS PER SHARE ATTRIBUTABLE TO ORDINARY EQUITY HOLDERS OF THE COMPANY
Basic
(0.33)
(1.15)
(0.18)
(1.24)
(1.92)
(0.30)
Diluted
(0.33)
(1.15)
(0.18)
(1.24)
(1.92)
(0.30)
LOSS FOR THE PERIOD
(7,783)
(28,536)
(4,486)
(28,572)
(45,552)
(7,163)
Other comprehensive income (loss):
Foreign currency translation adjustments
5,394
(2,794)
(439)
8,279
(2,579)
(406)
TOTAL COMPREHENSIVE LOSS FOR THE PERIOD, NET OF TAX
(2,389)
(31,330)
(4,925)
(20,293)
(48,131)
(7,569)
Attributable to:
Owners of the Company
(2,171)
(31,341)
(4,927)
(19,962)
(50,286)
(7,908)
Non-controlling interests
(218)
11
2
(331)
2,155
339
(2,389)
(31,330)
(4,925)
(20,293)
(48,131)
(7,569)
CONDENSED CONSOLIDATED BALANCE SHEETS
AS OF JUNE 30, 2012 AND DECEMBER 31, 2011
(Amounts in thousands, except share data)
December 31,
June 30,
June 30,
2011
2012
2012
CNY
CNY
US$
(Unaudited)
(Unaudited)
ASSETS
NON-CURRENT ASSETS
Property, plant and equipment
2,053,173
2,166,287
340,611
Rehabilitation fund
26,019
33,507
5,268
Prepayments
80,418
141,488
22,247
Deferred tax assets
2,825
2,384
375
TOTAL NON-CURRENT ASSETS
2,162,435
2,343,666
368,501
CURRENT ASSETS
Inventories
11,787
16,864
2,652
Trade and bill receivables
31,205
15,699
2,468
Prepayments
13,091
12,525
1,969
Other receivables
21,289
28,435
4,471
Due from related companies
774
—
—
Restricted bank deposits
21,000
10,791
1,697
Term deposits with an original maturity over three
months
20,000
20,000
3,145
Cash and cash equivalents
136,587
289,184
45,469
TOTAL CURRENT ASSETS
255,733
393,498
61,871
TOTAL ASSETS
2,418,168
2,737,164
430,372
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Trade and bill payables
70,882
76,113
11,967
Other payables and accrued liabilities
52,173
53,923
8,478
Interest bearing loans
225,000
297,000
46,698
Due to related companies
184,477
342,777
53,896
Interest payable
5,979
5,742
903
Taxes payable
23,923
28,334
4,456
Mining rights payable
22,612
20,860
3,280
TOTAL CURRENT LIABILITIES
585,046
824,749
129,678
NET CURRENT LIABILITIES
(329,313)
(431,251)
(67,807)
TOTAL ASSETS LESS CURRENT LIABILITIES
1,833,122
1,912,415
300,694
NON-CURRENT LIABILITIES
Interest bearing loans
523,742
656,742
103,261
Due to the Shareholder
262,657
265,247
41,706
Interest payable
18,205
20,070
3,156
Deferred tax liabilities
290,043
291,017
45,757
Mining rights payable
103,378
91,718
14,421
Asset retirement obligations
9,204
9,861
1,550
TOTAL NON-CURRENT LIABILITIES
1,207,229
1,334,655
209,851
TOTAL LIABILITIES
1,792,275
2,159,404
339,529
EQUITY
Issued capital
312,081
312,081
49,069
Other capital reserves
536,872
536,872
84,414
Reserves
19,209
57,231
8,998
Accumulated losses
(322,714)
(408,445)
(64,221)
Other comprehensive losses
(5,240)
(7,820)
(1,230)
EQUITY ATTRIBUTABLE TO OWNERS OF THE COMPANY
540,208
489,919
77,030
NON-CONTROLLING INTERESTS
85,685
87,841
13,813
TOTAL EQUITY
625,893
577,760
90,843
TOTAL LIABILITIES AND EQUITY
2,418,168
2,737,164
430,372
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$1.00 = CNY6.36 as quoted by Bloomberg Finance L.P. as of June 30, 2012. No representation is made that the CNY amounts could have been, or could be, converted into US$ at that rate, or at all.
The condensed consolidated statements of operations and comprehensive income for the three and six months ended June 30, 2012 (unaudited) and the condensed consolidated balance sheet as of June 30, 2012 (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, 2012 and 2011, which was filed with the Securities and Exchange Commission on December 21, 2012 under cover of Form 6-K. The results of operations for the six months ended June 30, 2012 are not necessarily indicative of the results of operations that may be expected for the year ending December 31, 2012.
Mr. Feilie Li, the Company's Chairman and CEO, commented on the 2012 interim results: "In view of the continuing economic growth in the PRC, we believe that demand for coal, in particular coal used in the chemical industry, will continue to be robust in the medium and long run. We are positive about the prospects for the coal mining industry in the PRC and we will continue to pursue growth through acquisition and consolidation of small to medium sized coal mines in Guizhou province."
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 (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 mine primarily located in Anhui Province in the PRC, and (b) the acquisition, exploration, development and production of coal resources in Guizhou 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.
Interview with CEO Brad Bostic - hc1.com is committed to improving the quality of healthcare while reducing costs. We believe a critical ingredient to averting the current healthcare crisis faced by the US can only occur by improving the way healthcare professionals across the continu...
By working with IT across the software development lifecycle via cloud-based DevOps, development teams can decrease software bottlenecks, increase code output and be seen as drivers of the business.
I have a confession. I am Shadow IT. I am the guilty party operations and security lo...
n the cloud doesn't matter whether you are running on an Open Source platform or not - it is NOT free because you pay for the service. And for long Open Source project have been funded through the services premiums that you pay. I would argue that Open Source vendors have mastered the ...
There are only two certainties in life – death and taxes, said Benjamin Franklin. What the theorist and founding father clearly meant was: There are only three certainties in life – death and taxes and information security changeability.
In the constantly changing dynamic world of ma...
As I started to read this book my plan was to skim through the first 6 chapters and then really dig in starting with chapter 7 App Design. I figured with a year of iOS programming under my belt the first few chapters would just be regurgitating a bunch of stuff I already knew.
To some...
.gif)
Interview with CEO Brad Bostic - hc1.com is committed to improving the quality of healthcare while reducing costs. We believe a critical ingredient to averting the current healthcare crisis faced by the US can only occur by improving the way healthcare professionals across the continu...
By working with IT across the software development lifecycle via cloud-based DevOps, development teams can decrease software bottlenecks, increase code output and be seen as drivers of the business.
I have a confession. I am Shadow IT. I am the guilty party operations and security lo...
n the cloud doesn't matter whether you are running on an Open Source platform or not - it is NOT free because you pay for the service. And for long Open Source project have been funded through the services premiums that you pay. I would argue that Open Source vendors have mastered the ...
There are only two certainties in life – death and taxes, said Benjamin Franklin. What the theorist and founding father clearly meant was: There are only three certainties in life – death and taxes and information security changeability.
In the constantly changing dynamic world of ma...
As I started to read this book my plan was to skim through the first 6 chapters and then really dig in starting with chapter 7 App Design. I figured with a year of iOS programming under my belt the first few chapters would just be regurgitating a bunch of stuff I already knew.
To some...
