Shandong Jinling Mining Posts 43.53% Decline in 2009 Net Profit

SHENZHEN, Mar. 17 -- Shenzhen-listed Shandong Jinling Mining Co Ltd<000655> said that its net profit was RMB 217 million in 2009, 43.53% less than a year earlier, with earnings per share falling to RMB 0.38.

Operating revenue was RMB 932.97 million, down 9.94% year on year, while operating profit plunged 43.97% from a year earlier to RMB 288.32 million. The miner has declared dividend of RMB 0.02 per share.

The company said in a statement filed with the Shenzhen Stock Exchange that the profit drop was due to the sharp decline in refined ferrous powder, copper powder and cobalt powder prices amid the global financial crisis.

Shandong Jinling Mining is principally engaged in the manufacture and sale of refined ferrous powder, copper powder and cobalt powder, as well as the machine processing. The company mainly distributes its products in the domestic market, and Shandong Province is its major market.