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CITIC Resources' net profit down 43% in 2009

Mar. 30, 2010 (China Knowledge) - CITIC Resources Holdings Ltd<1205>, a Chinese energy and base metal producer, announced on Sunday that its net profit for 2009 plunged 43% to HK$115.69 million from HK$204.26 million in 2008.

The Hong Kong-listed company attributed the decline to higher operating costs.

The firm's revenue in 2009 was HK$19.43 billion, up 3.6% from HK$18.76 billion in the previous year.

CITIC Resources, which is about 54% held by parent CITIC Group, is a provider of diversified energy and natural resources, with a special focus on oil business. Currently, the company has oil projects in Indonesia, Kazakhstan and Liaoning Province, Northeast China.

Singapore's state-owned Temasek Holdings Pte Ltd holds an 11.47% stake in CITIC Resources.


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