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CITIC Resources Holdings Ltd Comments On FY 2012 Earnings Guidance


Sunday, 3 Feb 2013 05:06am EST 

CITIC Resources Holdings Ltd announced that for fiscal 2012, it expects to record a significant loss. The expected loss is principally attributable to, in addition to the reasons disclosed in the First Profit Warning, the following reasons: as a result of an expected increase in the decline in the results of CITIC Dameng for the fiscal 2012 as compared with the year fiscal 2011 as announced by CITIC Dameng earlier , the amount of the Group’s proportionate share in the loss expected to be recorded by CITIC Dameng will be greater; and as a result of the prevailing share price of CITIC Dameng relative to the carrying amount of the Group’s investment in CITIC Dameng and the negative effect of current weak prices for manganese and manganese products, the Board has conducted an assessment of the Group’s investment in CITIC Dameng and consider it prudent to make a non-cash provision in respect of such investment. The non-cash impairment loss is expected to be substantial but should not have a material adverse effect on the Group’s cash flows. 

Company Quote

1.24
-0.02 -1.59%
3:34am EDT