China Natural Resources, Inc. (CHNR), a British Virgin Islands corporation, through its operating subsidiaries in China engaged in the acquisition and exploration of mining rights for nonferrous metals and coal resources, announced unaudited interim financial results for the three and six month periods ended June 30, 2009. The reported results are as follows:
For the three months ended June 30, 2009, BVI company’s net sales were US$1,9 million, and for the six months period net sales amounted to US$2,57 million. Gross profit for three months made 92%. Also, for the three months period CHNR reported net loss of US$2,3 million, and US$6,75 million for the six months of 2009. Net loss per share, basic or diluted, was 0,10 for the three months period, and 0.27 for six months ended June 30, 2009. The average number of shares outstanding was 21,123,416 for the three months period and 20,883,085 for the six months period.
As of June 30, 2009, the BVI company had total assets in the amount of US$137,8 million.
Company’s Chairman and CEO Mr. Feilie Li in his comments on the financial results for the three and six month periods of 2009 stated that “the first half of 2009 posted a challenge to the operation of China Natural Resources. The global financial crisis caused the PRC economy to slow down sharply. Base metal prices fell in general as compared to the first half of 2008 amid slowing industrial production.” However, he said that company’s mining operations are to benefit from mainland China’s growth prospects and supportive policies. China Natural Resources will continue to expand its coal and base metal resources in the PRC.