Shengtun Mining reports a YOY increase of 310.14% in H1 2017 net profits
2017-08-09 17:51:38 [Print]
In the H1 2017 operation report released on the evening of August 7, Shengtun Mining announced that during the reporting period the company realized an operation revenue of RMB7.456 billion, up by 60.23% YOY; its net profits going to listed shareholders were RMB222 million, up dramatically by 310.14% YOY; and earnings per share were RMB0.148.
During the first half of 2017, the company further extended its main business areas upon last year’s operation, enhanced administrative capacity and consolidated planning in the new power metal industry. In particular, its operation revenue from the mining-beneficiation business was RMB186 million, up by 96.91% YOY, and gross profits from this sector was RMB127 million, up by 162.10% YOY; as for metal trading business, operation revenue from this sector was RMB7.181 billion, up by 61.52% YOY, and gross profits from this sector was RMB325 million, up by 210.93% YOY; as for metal value-added service, operation revenue from this sector was RMB85 million, down by 24.34% YOY, and gross profits from this sector was RMB78 million, down by 27.31% YOY.
During the first half of 2017, the company finished stock-rights purchase and transfer procedures of two companies, including 80% stakes in Yunnan Baoshan Hengyuanxinmao Mining Co., Ltd. and 35% stakes in Dali Sanxin Mining Co., Ltd. Hengyuanxinmao Mining owns resources as follows: 12.0072 million tons of ores, 314,555t of lead, 348,987t of zinc, 663,542t of lead and zinc, and 444,603kg of associated silver. Qingyangchang Copper Mine under Dali Sanxin Mining has resources as follows: 3.5451 million tons of ores, 71,577.21t of copper at an average grade of 2.02%; 2,301.50t of associated cobalt at an average grade of 0.06%; 160.50t of associated silver at an average grade of 43.65G/t. For follow-up work plans, the company will work further to increase shares of and raise funds for Dali Sanxin Mining and also set out to apply for production licenses for the two newly purchased subsidiary companies.
In addition, the company further extended its mineral trading business in the overseas market, and also started to implement its 3,500tpy cobalt project and 10,000tpy copper comprehensive utilization project based in Congo (Kinshasa).
During the first half of 2017, the company also continued to work on its 2017 private placement financing. On August 2, its application for the 2017 private placement was approved.
During the first half of 2017, the company further extended its main business areas upon last year’s operation, enhanced administrative capacity and consolidated planning in the new power metal industry. In particular, its operation revenue from the mining-beneficiation business was RMB186 million, up by 96.91% YOY, and gross profits from this sector was RMB127 million, up by 162.10% YOY; as for metal trading business, operation revenue from this sector was RMB7.181 billion, up by 61.52% YOY, and gross profits from this sector was RMB325 million, up by 210.93% YOY; as for metal value-added service, operation revenue from this sector was RMB85 million, down by 24.34% YOY, and gross profits from this sector was RMB78 million, down by 27.31% YOY.
During the first half of 2017, the company finished stock-rights purchase and transfer procedures of two companies, including 80% stakes in Yunnan Baoshan Hengyuanxinmao Mining Co., Ltd. and 35% stakes in Dali Sanxin Mining Co., Ltd. Hengyuanxinmao Mining owns resources as follows: 12.0072 million tons of ores, 314,555t of lead, 348,987t of zinc, 663,542t of lead and zinc, and 444,603kg of associated silver. Qingyangchang Copper Mine under Dali Sanxin Mining has resources as follows: 3.5451 million tons of ores, 71,577.21t of copper at an average grade of 2.02%; 2,301.50t of associated cobalt at an average grade of 0.06%; 160.50t of associated silver at an average grade of 43.65G/t. For follow-up work plans, the company will work further to increase shares of and raise funds for Dali Sanxin Mining and also set out to apply for production licenses for the two newly purchased subsidiary companies.
In addition, the company further extended its mineral trading business in the overseas market, and also started to implement its 3,500tpy cobalt project and 10,000tpy copper comprehensive utilization project based in Congo (Kinshasa).
During the first half of 2017, the company also continued to work on its 2017 private placement financing. On August 2, its application for the 2017 private placement was approved.
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