Hanking Announces 2011 Annual Results

Mar 19, 2012 16:28 JST

Source: HANKING GOLD INTERNATIONAL LIMITED

Gross profit had a YoY increase of 23.5% to RMB1.027 billion Gross Profit Margin increased to 70.7%

HONG KONG, Mar 19, 2012 - (ACN Newswire) - China Hanking Holdings Limited ("Hanking" or "the Company"; Stock code: 3788) is pleased to announce the consolidated financial results for the year ended 31 December 2011 ("2011" or the "reporting period") of the Company and its subsidiaries (the "Group"). This is the first results report since the Company's listing on Hong Kong Stock Exchange on 30 September 2011.

Financial Highlights

-- Revenue amounted to RMB1.452 billion, representing an increase of 11.9%
-- Gross profit was RMB1.027 billion, representing an increase of 23.5%
-- Compared to the same period of 2010, the gross profit margin increased from 64.1% to 70.7%
-- The Group has significantly increased its iron ore resources to over 200 million tons, representing an increase of 79 million tons, or 64.85%, compared with the end of previous year; The Group's iron ore reserve increased to 167 million tons, representing an increase of 65.4 million tons, or 64.1%, compared with the end of previous year.

During the reporting period, the Group's income was RMB1.452 billion, representing an increase of RMB155 million or 11.9% over last year, mainly due to the rising sales unit price of iron ore concentrates. The gross profit increased 23.5% to RMB1.027 billion. Although the labor and raw material costs increased significantly during the reporting period, the gross profit margin increased from 64.1% to 70.7% by means of meticulous management and strict cost control. The Group recorded a net profit of RMB 406.8 million, the net earnings per share was RMB 0.26. If the impact of the charges associated with the listing of the Company in 2011 was excluded, the net profit of the Group would have been RMB 670.6 million, representing an increase of RMB174.2 million or 35.1% over RMB496.3 million, the net profit of the Group in 2010.

As one of the largest privately-owned iron ore enterprises in Northeastern China, during the reporting period, the sales amount of the Group's iron ore concentrates reached 1.37 million tons and the output of the iron ore concentrates was 1.26 million tons. As of the end of 2011, the Group has retained iron ore resources over 200 million tons, an increase of 64.85% as compared with the end of 2010; iron ore reserve of 167 million tons, an increase of 64.1% as compared with 2010.

Contact:

Wonderful Sky Financial Group Limited
Echo Hu/ Barney Liu/ Linsey Guo
Tel: +852 3970 2185/ 3970 2133/ 3970 2155
Fax: +852 2598 1588	
E-mail: echohu@wsfg.hk / barneyliu@wsfg.hk / linseyguo@wsfg.com

Source: HANKING GOLD INTERNATIONAL LIMITED
Sectors: Daily Finance, Daily News