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Rising Nonferrous Metals' H1 profit down 93%

Aug. 24, 2012 (China Knowledge) - Rising Nonferrous Metals Share Co Ltd<600259>, which is principally engaged in the mining, processing and distribution of nonferrous metal, has announced its net profit attributable to shareholders plunged 92.99% YoY to RMB 9.41 million in the first half of this year.

The company said in a statement that the sharp drop in net profit was due to significant decline in the prices of tungsten and rare-earth products.

From January to June 2012, the Shanghai-listed company saw its operation revenue grew 1.31% YoY to RMB 1.12 billion. Basic earnings per share were RMB 0.04 for the period.

Revenue from domestic market decreased 9.9% YoY to RMB 849.09 million in the six-month period, while that from overseas market surged 64.76% YoY to RMB 274.23 million.

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