Nan Nan Res (HKG:1229) sees turnaround for FY12


Nan Nan Resources Enterprise (HKG:1229) announced that it expects a profit for the year ended 31 March 2012, as compared to a loss of HK$81.955 million for the previous year, mainly attributable to improvement in gross profit and a reversal of impairment loss on intangible assets. The company plans to release its fiscal 2012 results on 20 June 2012.

The company also said that the management restructuring plan as mentioned in its announcement dated 21 March 2012 is now pending for approval by the relevant government authorities. Under the plan, the company is expecting to receive a restructuring proposal from the government authority on the exploration right arrangement of the company's Zexu Open Pit Coal Mine. Such restructuring proposal, depending on its content, may have an impact on the profit of the group.

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