CHINA NATURAL RESOURCES REPORTS FIRST HALF 2022 RESULTS

About this update from China Natural Resources, Inc.

[{"type":"text","content":"HONG KONG, Nov. 7, 2022 /PRNewswire/ -- China Natural Resources Inc. (NASDAQ: CHNR) (the \"Company\") today announced its results of operations for the six months ended June 30, 2022. For the convenience of the reader, amounts in Chinese Yuan (\"CNY\") have been translated into United States dollars (\"US$\") at the rate of US$1.00 = CNY6.6995 as quoted by www.ofx.com on June 30, 2022, except as otherwise disclosed.\nMr. Wong Wah On Edward, Chairman of the Company, commented, \"We are pleased with our increased gross margin, which improved to 45.43% from 13.52% in the prior year period, and our return to profitability, with net income attributable to the owners of the Company of $0.01 per share compared to a net loss of $0.10 per share in the prior year period. Our experienced team has remained focused during this challenging period as we execute on our long-term business strategy.\"\n\"We are prudently investing in our exploration activities as we work to extract further value from the Wulatehouqi Moruogu Tong Mine, in addition to further developing our wastewater treatment segment. Longer-term we believe there is considerable opportunity in our mine. We also intend to explore other business opportunities and to further diversify our operations as we move into our next phase of growth. Importantly, our balance sheet is healthy and able to support our growth strategy, with necessary liquidity to fund operating expenses and capital expenditures.\"\nFinancial Results for the Six Months Ended June 30, 2022\nRevenue for the six months ended June 30, 2022 was CNY16.07 million (US$2.40 million), as compared to total sales of CNY8.22 million for the same period in 2021. The increase was mainly attributable to the increase of revenue from construction contracts, as the number of projects and construction progress in the first half of 2022 were both higher than those in the first half of 2021.\nCost of sales for the six months ended June 30, 2022 was CNY8.77 million (US$1.31 million), as compared to cost of sales of CNY7.11 million for the same period in 2021. This increase was also due to more projects with higher construction progress compared with the first half of 2021.\nGross profit margin was 45.43% for the six months ended June 30, 2022, as compared to 13.52% for the same period in 2021. The surge of gross profit margin was mainly...

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