Shenghe Resources Turns Losses to Profits in 1H 2017 on Rising Rare Earth Price-Shanghai Metals Market

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Shenghe Resources Turns Losses to Profits in 1H 2017 on Rising Rare Earth Price

Company News 01:59:28PM Aug 18, 2017 Source:SMM

SHANGHAI, Aug. 18 (SMM) - Shenghe Resources Holding said in its financial report that it succeeded to turn losses to profits during the first half of 2017. 

Over the report period, its revenues reached 2.211 billion yuan in 1H 2017, up 450.78% on a yearly basis, and net profits hit 135 million yuan, a reverse from losses from the same period of last year. 

Rare Earth Prices Inch down, and not to Register Big Decline, SMM Reports

The company attributed the gain to following factors. First, crackdowns on illegal capacities led by Ministry of Industry and Information Technology (MIIT) and other ministries and promotion of supply-side reform bolstered up rare earth prices. Second, the company completed its asset restructuring after merging Chenguang Rare Earth, Kebairui and Hainan Wensheng.

The article is edited by SMM and is provided for information purpose only. SMM assumes no liability and does not warrant the accuracy, reliability or completeness of information contained or quoted in the article, either express or limited. SMM further disclaims any liability for losses in connection with the information contained or quoted in the article. 

For news cooperation, please contact us by email: sallyzhang@smm.cn or service.en@smm.cn.

 

Shenghe Resources Turns Losses to Profits in 1H 2017 on Rising Rare Earth Price

Company News 01:59:28PM Aug 18, 2017 Source:SMM

SHANGHAI, Aug. 18 (SMM) - Shenghe Resources Holding said in its financial report that it succeeded to turn losses to profits during the first half of 2017. 

Over the report period, its revenues reached 2.211 billion yuan in 1H 2017, up 450.78% on a yearly basis, and net profits hit 135 million yuan, a reverse from losses from the same period of last year. 

Rare Earth Prices Inch down, and not to Register Big Decline, SMM Reports

The company attributed the gain to following factors. First, crackdowns on illegal capacities led by Ministry of Industry and Information Technology (MIIT) and other ministries and promotion of supply-side reform bolstered up rare earth prices. Second, the company completed its asset restructuring after merging Chenguang Rare Earth, Kebairui and Hainan Wensheng.

The article is edited by SMM and is provided for information purpose only. SMM assumes no liability and does not warrant the accuracy, reliability or completeness of information contained or quoted in the article, either express or limited. SMM further disclaims any liability for losses in connection with the information contained or quoted in the article. 

For news cooperation, please contact us by email: sallyzhang@smm.cn or service.en@smm.cn.