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Zhaojin Mining's Q1 profit drops to 14.3M yuan on impairments, investment losses

Zhaojin MiningIndustry Co. Ltd. on April 29 posted a first-quarter 2016 net profitattributable to owners of the parent of 14.3 million Chinese yuan, down from 96.7million yuan booked a year earlier.

Results included asset impairment losses of 20.2 million yuan.

Profit from operations fell to 66.1 million yuan, compared to156.8 million yuan recorded a year earlier.

This comes amid revenue increasing year over year to 1.30 billionyuan from 1.05 billion yuan during the period under review, while costs of salesreceived were up at 799.7 million yuan, compared to 530.5 million yuan.

At March quarter-end, the group had cash and cash equivalentsof 1.35 billion yuan.

As of April 28, US$1 wasequivalent to 6.48 Chinese yuan.