15 MAY 2013Businesstimes.com.sg
XinRen narrows Q1 net loss, aluminum prices to stay soft
Edited by : AL CIRCLE
1 min read
XinRen Aluminum Holdings Limited, a maker of aluminum ingots, narrowed its net loss for the first quarter ended March 31, 2013.
Net loss was RMB6.76 million compared to RMB10.11 a year ago as higher administrative, finance and other costs eroded gains.
Revenue grew 22.5 per cent to RMB1.77 billion, largely due to the recognition of deferred revenue from its smelting division that had not been recognised on December 31, 2012, as well as the increase in trading sales of alumina during the financial period under review.
XinRen's executive chairman, Zeng Chaoyi, said: "The operating environment remains tough in the face of softer aluminum prices and rising costs."
Net loss was RMB6.76 million compared to RMB10.11 a year ago as higher administrative, finance and other costs eroded gains.
Revenue grew 22.5 per cent to RMB1.77 billion, largely due to the recognition of deferred revenue from its smelting division that had not been recognised on December 31, 2012, as well as the increase in trading sales of alumina during the financial period under review.
XinRen's executive chairman, Zeng Chaoyi, said: "The operating environment remains tough in the face of softer aluminum prices and rising costs."
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