Business
China Natural Resources Reports First Half 2021 Financial Results
HONG KONG, Nov. 5, 2021 /PRNewswire/ -- China Natural Resources, Inc. (NASDAQ: CHNR) (the "Company") announced today unaudited financial results for the six
About this update from China Natural Resources, Inc.
[{"type":"text","content":"HONG KONG, Nov. 5, 2021 /PRNewswire/ -- China Natural Resources, Inc. (NASDAQ: CHNR) (the \"Company\") announced today unaudited financial results for the six months ended June 30, 2021. The Company concurrently reiterated its expansion and diversification strategy, under which it is actively conducting due diligence as it explores compelling business opportunities in the healthcare and other non-natural resources sectors. As part of its strategy, the Company has already completed a major investment in Shanghai Onway Environmental Development Co., Ltd. (\"Shanghai Onway\"), which is principally engaged in the provision of equipment for rural wastewater treatment and provision of engineering, procurement, and construction services in relation to wastewater treatment in China (see \"Subsequent Events\" below).\nMr. Wong Wah On Edward, Chairman of the Company, commented, \"Our financial results do not yet reflect the work we have done – or plans we have underway – to diversify our company and revenue base. It will take additional time for our investments and strategy to drive consistent revenue and profit growth, but we have made considerable strides and remain very optimistic. We are confident that by diversifying into the healthcare and other non-natural resources sectors we will be able to gain a more sustainable, predictable business, one capable of generating higher returns for investors.\"\nFinancial Results for the Six Months Ended June 30, 2021\nAs of June 30, 2021, the Company had one operating segment: exploration and mining. Sales for the six months ended June 30, 2021 were nil, as compared to total sales of approximately CNY6.87 million (US$1.06 million) for the same period in 2020, which were derived from trading copper ore. The Company's subsidiary Bayannaoer Mining ceased trading copper ore in the second half of 2020 due to the volatile fluctuations of copper's price.\nNet loss for the six months ended June 30, 2021 was approximately CNY26.74 million (US$4.14 million) as compared with a profit of approximately CNY2.74 million (US$0.42 million) for the six months ended June 30, 2020. The loss was mainly due to the net fair value loss of approximately CNY24.81 million (US$3.84 million) relating to the Company's holdings in Feishang Anthracite Resources Limited, a company listed on the Hong Kong Stock Exchange (\"FARL\"...