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Luoping Zinc and Electricity Posts Q3 Net of RMB 46.3 Mln from Loss

iconOct 27, 2010 13:16
Source:SMM

SHANGHAI, (SMM) -- Luoping Zinc and Electricity Company [21.31 -1.25%] (002114) reported a net profit of RMB 46.3 million in the 3rd quarter from loss, according to its 2010 3rd-quarter report released Tuesday night.

In the first three quarters, the business income was RMB 0.62 billion, up 4.09% compared to the same period a year earlier; the net profit dropped by RMB 92.799 million, compared to a loss of RMB 6.8324 million the same period last year, or RMB 0.5 per share.

In the third quarter, the company posted a net profit of RMB 46.3018 million, compared with a loss of RMB 8.558 million the same period last year, or RMB 0.26 per share, compared with a loss of RMB 0.05 per share the same period a year earlier.

Luoping Zinc and Electricity Company indicated that its under-performance from January to September was mainly due to the continuous drop of main product price, adding the much slower drop of raw material purchasing price. In addition, their inventories increased as well as demand for funds, sending fiscal expenditure higher, and the management fees, sales fees both increased by certain amount.

The company predicts they are likely to experience a loss of RMB 25-30 million 2010.

 

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