[Cu] Yunnan Copper Experiences Loss of RMB 2.8 billion in 2008

SHANGHAI, Apr. 20 -- The selling prices of products at Yunnan Copper were lower than cost due to plunged copper price, and according to the annual report released by Yunnan Copper, the company experienced loss of RMB 2.792 billion, with net loss per share of RMB 2.22.

    Yunnan Copper realized net profit of RMB 583 million during the first three quarters in 2008, indicating the company experienced loss of RMB 3.375 billion in 4Q 2008.

    Yunnan Copper achieved operating revenue of RMB 25.755 billion, down 25.29% YoY; operating cost was RMB 25.073 billion, down 21.02% YoY; comprehensive operating profit ratio was 2.65%, down 66% compared to 2007`s level of 7.73%.

    The huge loss of Yunnan Copper has closely related with the devaluation of inventories. Yunnan Copper prepared RMB 1.784 billion for the devaluation of inventories in 2008, accounting for more than 60% of the annual loss.

    (Edited by CBI China)