Yunnan Tin H1 Earnings Up 93%, To Raise 4B Yuan - ResearchInChina

Date:2011-08-03     Source:liaoyanwangenwei  Text Size:

August 2 -- Yunnan Tin (000960) recorded a 92.98 percent year-on-year increase in first half 2011 net profit to 354 million yuan, with earnings per share of 0.391 yuan, reports National Business Daily, citing a company filing.

Sales revenue increased 40.27 percent year-on-year to 6.357 billion yuan. The domestic market recorded a 42.73 percent rise in revenue growth, while overseas markets posted a 32.87 percent increase in revenue growth.

Of the total, revenue from its tin ingot business hit 3.26 billion yuan, up 25.46 percent year-on-year, while revenue from its tin products business totaled 1.345 billion yuan, up 36.39 percent.

Yunnan Tin attributes the improved earnings to a 36.69 percent year-on-year rise in the prices of its tin products, and a 22.23 percent increase in the prices of its copper products.

The company predicts a 95.32-106.17 year-on-year increase in net profit to 540-570 million yuan for the first three quarters of 2011.

In addition, Yunnan Tin intends to raise up to 4.08 billion yuan through the issue of a maximum of 155 million shares in a private placement at not less than 27.95 yuan per share.

Of the total proceeds raised, 3.28 billion yuan will be invested in the development of the company's copper business, including the building of a 100,00-ton copper production plant, the acquisition of copper mining rights, lead production plant, and related land use rights. The remaining 800 million will be used to repay bank loans.

Upon the completion of the above investments, the copper reserves of Yunnan Tin will be increased by 120,300 tons, while the reserves of tungsten trioxide will rise 25,300 tons.

In addition, Yunnan Tin will have daily copper ore separation capacity of 2,000 tons, and annual copper smelting capacity of 100,000 tons.

2005-2011 www.researchinchina.com All Rights Reserved 京ICP备05069564号-1