China Natural Resources, Inc. Announces 2013 Results Of Operations

      China Natural Resources, Inc. Announces 2013 Results Of Operations

PR Newswire

HONG KONG, March 31, 2014

HONG KONG, March 31, 2014 /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, 2013 as
follows.



CHINA NATURAL RESOURCES, INC.

CONSOLIDATED STATEMENTS OF PROFIT OR LOSS

YEARS ENDED DECEMBER 31, 2011, 2012 AND 2013

(Amounts in thousands, except share and per share data)
                                   Year Ended December 31,
                                   2011       2012       2013        2013
                                   CNY        CNY        CNY         US$
CONTINUING OPERATIONS
REVENUES                            42,940     14,728     41,360     6,832
COST OF SALES                       (21,245)   (9,036)    (25,101)   (4,146)
GROSS PROFIT                        21,695     5,692      16,259     2,686
SELLING AND DISTRIBUTION            (352)      (193)      (124)      (20)
EXPENSES
ADMINISTRATIVE EXPENSES             (24,236)   (19,425)   (17,906)   (2,959)
OTHER OPERATING EXPENSES, NET       —          (2,457)    (1,104)    (182)
OPERATING LOSS                      (2,893)    (16,383)   (2,875)    (475)
FINANCE COSTS                       (374)      (325)      (360)      (59)
FOREIGN EXCHANGE DIFFERENCE, NET    —          —          2,445      404
INTEREST INCOME                     1,149      1,574      1,814      300
NON-OPERATING INCOME (EXPENSES),    5,187      (222)      (167)      (28)
 NET
PROFIT (LOSS) BEFORE INCOME TAX    3,069      (15,356)   857        142
FROM CONTINUING OPERATIONS
INCOME TAX (EXPENSE) BENEFIT        (4,285)    965        (2,142)    (354)
LOSS FOR THE YEAR FROM
CONTINUING                          (1,216)    (14,391)   (1,285)    (212)
 OPERATIONS
DISCONTINUED OPERATION
Loss for the year from
discontinued operations, net        (64,900)   (67,056)   (334,537)  (55,256)
 of tax
LOSS FOR THE YEAR                   (66,116)   (81,447)   (335,822)  (55,468)
ATTRIBUTABLE TO:
Owners of the Company
 From continuing operations        (1,216)    (14,391)   (1,285)    (212)
 From discontinued operations      (64,759)   (75,312)   (334,119)  (55,187)
Non-controlling interests           (141)      8,256      (418)      (69)
                                    (66,116)   (81,447)   (335,822)  (55,468)
LOSS PER SHARE ATTRIBUTABLE TO
 OWNERS OF THE COMPANY:
Basic
- For loss from continuing          (0.05)     (0.58)     (0.05)     (0.01)
operations
- For loss from discontinued        (2.74)     (3.02)     (13.41)    (2.21)
operations
- Net loss per share                (2.79)     (3.60)     (13.46)    (2.22)
Diluted
- For loss from continuing          (0.05)     (0.58)     (0.05)     (0.01)
operations
- For loss from discontinued        (2.74)     (3.02)     (13.41)    (2.21)
operations
- Net loss per share                (2.79)     (3.60)     (13.46)    (2.22)



The consolidated statements of profits or loss of the Company for the years
ended December 31, 2011, 2012 and 2013 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, 2013 to be contained in the Company's annual report on Form
20-F to be filed with the Commission on or prior to April 30, 2014.

Mr. Li Feilie, the Company's Chairman, commented on the results: "China
Natural Resources recorded total revenues of CNY41.36 million (US$6.83
million) in 2013, up by 180.83% from a year earlier.The rise in revenues was
mainly attributable to an increase in the production volume of iron
concentrates, partly offset by a decrease in the average selling price of iron
concentrates and a decrease in the sales of both zinc concentrates and
micaceous iron oxide-grey. In January 2014, the Company completed the spin-off
(the "Spin-Off") and listing on The Stock Exchange of Hong Kong Limited of its
shares in the Company's wholly-owned subsidiary, Feishang Anthracite Resources
Limited, which operated the Company's coal mining businesses prior to the
Spin-Off. Following the Spin-Off, we intend to continue to identify potential
projects that will enhance the Company's value."

For the convenience of the reader, amounts in Chinese Yuan ("CNY") have been
translated into United States dollars ("US$") at the rate of US$1.00=CNY6.0543
quoted by Bloomberg Finance L.P. on December 31, 2013. The CNY is not freely
convertible into foreign currencies and no representation is made that the CNY
amounts could have been, or could be, converted into US$ 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.

SOURCE China Natural Resources, Inc.

Contact: Maxine Ma, Chief Financial Officer, 011-852-2810-7205 or
maxine@chnr.net
 
Press spacebar to pause and continue. Press esc to stop.