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Rising Non-Ferrous annual performance: operating profit increased significantly in 2017

March 5, 2018      Source:Rising Nonferrous Metals Co., Ltd

Keywords:rare earth

In the evening of March 2, Rising Nonferrous Metals Co., Ltd (600259) issued a performance briefing report. During the reporting period, the company achieved operating income of RMB5,459,231,000, representing an increase of 32.03% as compared with the same period of last year; achieved operating profit of RMB34,674,700 and operating profit of RMB-61,867,700 in the same period of last year, A year-on-year increase of RMB96,542,400; a total profit of RMB45,625,700 was realized, representing a year-on-year increase of 931.58%; a net profit attributable to shareholders of the listed company of RMB20,423,000 was realized, representing a decrease of 22.40% from the same period of last year; net profit was RMB-36,882,100, an increase of RMB146,217,200. As of December 31, 2017, the total assets of the Company amounted to RMB4,315,160,680,000, representing a decrease of 1.80% from the beginning of the year. The owners' equity attributable to shareholders of the listed company amounted to RMB1,553,859,400, an increase of 1.15% from the beginning of the year.

The main reasons for the changes in operating performance include: First, the relevant state ministries and commissions ontinued to carry out special rectification actions in the rare earth industry to effectively rectify the order of the industry, stabilizing the rare earth market; with the supply side reform of rare earth industry, six major rare earth group represented rare earth enterprises actively promoted industrial upgrading, the downstream industry boom has been promoted, the demand for rare earth products and the average sales price of most rare earth products rose, the company seized the opportunity to increase the de-stocking efforts, sales and gross profit margin increased year on year. Second, with the reform of the national supply side, the contradiction between supply and demand has been improved. The prices of tungsten products have increased and the gross profit margin of tungsten products has increased. Third, the scale of bank loan decreased and the work of reducing costs achieved results, management fees and finance costs fell 16.81%.

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