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Metallurgical Corp expects net loss in H1

Aug. 28, 2012 (China Knowledge) - Metallurgical Corp of China Ltd<601618><1618>, the country's leading mining and smelting operator, expects to suffer a net loss in the first half of this year, due to huge assets depreciation reserves for its Cape Lambert iron ore project.

In the first half of 2011, the company realized RMB 1.97 billion in net profit with basic earnings per share of RMB 0.10.

In the first quarter of this year, Metallurgical Corp realized RMB 44.85 billion in operation revenue, up 4.28% YoY, while its net profit for the quarter decreased 27.82% YoY to RMB 863 million.

The Chinese mining and smelting operator earlier announced that its new contract value for the first half of this year decreased 25.4% YoY to RMB 123.61 billion, including RMB 10.25 billion worth of overseas contracts, China Knowledge reported earlier.

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