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Yunnan Tin flags up to 60M yuan Q3 net profit as prices rebound

Yunnan Tin Co. Ltd. expected to swing to a net profit of between 40 million Chinese yuan and 60 million yuan in the third quarter, from a net loss of 87.7 million yuan posted a year ago, according to a company statement.

EPS was expected to range between 2.7 fen and 4.0 fen, compared to the 6 fen per share posted in the same quarter of 2015.

The company attributed the turnaround to a rally in prices of nonferrous metals. The acquisition of indium-tin miner Yunnan Hualian Zn-In Shares Co., which was completed in October 2015, also boosted earnings, the company said.

Net profit for the first nine months ending Sept. 30 was expected to range between 45 million yuan and 65 million yuan, comparing to a net loss of 480.5 million yuan recorded a year ago.

Yunnan Tin plans to release its earnings report for the third quarter on Oct. 28.

As of Oct.10, US$1 was equivalent to 6.71 Chinese yuan.