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Metallurgical Corp swings to loss in H1

Aug. 31, 2012 (China Knowledge) - Metallurgical Corp of China Ltd<601618><1618>, the country's leading mining and smelting operator, suffered a net loss of RMB 186 million in the first half of this year, compare with a net profit of RMB 1.97 billion it earned in the corresponding period of last year.

The company said the net loss was due to an increase in asset impairment losses and financial costs as well as lower investment income.

Basic loss per share was RMB 0.01 for the period, while its basic earnings per share for the first half of 2011 were RMB 0.1.

From January to June, the company saw its operation revenue edge up 0.81% YoY to RMB 107.01 billion, including RMB 87.5 billion from its engineering contract business, up 7.09% from a year earlier.

Metallurgical Corp earlier reported that its new contract value for the first half of this year down 25.4% YoY to RMB 123.61 billion.

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