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Tongling Nonferrous swings to 87.1M yuan net loss in Q1

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Tongling Nonferrous swings to 87.1M yuan net loss in Q1

said April 28 that it swung to a net loss of 87.1 million Chinese yuan, or 1 fenper share, in the first quarter, from a net profit of 52.3 million yuan, or 1 fenper share, posted a year ago.

Operatingincome dropped 10.40% year over year to 18.15 billion yuan.

Financecosts jumped 104.52% to 321.7 million yuan from 157.3 million yuan recorded in thesame quarter of 2015, due to increased exchange loss, the company said.

Impairmentson assets for the quarter rose 67.58% year over year to 27.7 million yuan, due toa decline in prices of the company's inventories.

As of May 2, US$1 was equivalentto 6.47 Chinese yuan.