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Jinduicheng Molybdenum's FY'15 output up 7.19% YOY, dividend suspended

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Jinduicheng Molybdenum's FY'15 output up 7.19% YOY, dividend suspended

said April 11 that it produced 42,025 tonnes of molybdenum concentratesin 2015, up 7.19% from a year ago.

The companydid not propose a dividend for 2015, as it needs to "speed up adjustment inproduct mix and facility upgrade." The company declared an annual dividend of 40 fen per 10 shares in 2014.

Salesof molybdenum concentrates for the year increased 5.78% year over year to 45,725tonnes. Inventories inched up 1.25% to 1,726 tonnes.

Salescosts dropped 11.90% year over year to 46.4 million yuan because of lower exportcharges resulting from reduced exports.

The companyplans to produce 42,800 tonnes of molybdenum concentrates this year, with a revenuetarget of 10 billion yuan.

JinduichengMolybdenum booked 34.0million Chinese yuan in net profit in 2015, down 82.32% from a year ago, while revenuefor the year increased 12.04% to 9.55 billion yuan.

As of April 11, US$1 was equivalentto 6.46 Chinese yuan.