[Al] Yunnan Aluminum Suffers Loss of RMB 129 million in 1Q 2009

SHANGHAI, Apr. 20 -- After experienced loss of RMB 136 million during 4Q 2008, Yunnan Aluminum suffered huge loss again in 1Q 2009. The company released quarterly report for 1Q on April 20th, which shows that it suffered net loss of RMB 129 million.

    The report shows the company realized the total operating revenue of RMB 983 million during 1Q this year, down 32.2% YoY, due mainly to the selling price slump this year compared to the same period last year.

    Faced with the changeable capital market, the company abandoned the issue of detachable convertible corporate bonds, and implements 2009 non-publicly issuance of stock in its large shareholder - Yunnan Metallurgical Group. The raised fund no more than RMB 1.2 billion will be fully used to help Yunnan Wenshan Aluminum build alumina project with capacity of 800 kt/yr. The company will also issue RMB 500 million of short-term financing bonds.

    (Edited by CBI China)