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Jilin Jien's FY'15 net loss surges to 2.87B yuan on asset impairments

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Jilin Jien's FY'15 net loss surges to 2.87B yuan on asset impairments

said April 28 that its net loss attributable to shareholders for the first quarterwidened to 195.9 million Chinese yuan, or 12 fen per share, from the 149.1 millionyuan, or 9.3 fen per share, posted in the same quarter of 2015.

Operatingincome stood at 567.5 million yuan, down 55.11% year over year from 1.26 billionyuan, as sales prices and volumes both declined.

Meanwhile,net loss for the full year 2015 surged to 2.87 billion yuan, or 1.79 yuan per share,from the 538.4 million yuan, or 53 fen per share, posted in 2014.

The companybooked asset impairments of 1.55 billion yuan on declines in prices of products.Asset impairments stood at 288.9 million yuan in 2014.

Operatingincome was down 9.66% year over year to 3.20 billion yuan on lower nickel prices,missing the company's target of 4 billion yuan. Operating costs increased 23.54%to 3.54 billion yuan.

Financecost jumped 74.84% to 969.1 million yuan, from 554.3 million yuan, due to increasedexchange loss.

Nickeland copper output increased 18.70% and 11.96% year over year to 150,707 tonnes and50,421 tonnes, respectively. Cobalt production dropped 19.16% to 1,916 tonnes.

JilinJien expected revenues to increase to 3.5 billion yuan this year and plans to reduceoperation cost via internal reforms.

Dividendpayment remained suspended for 2015, the company said.

As of April 28, US$1 was equivalentto 6.48 Chinese yuan.