Yunnan Tin Co. Ltd., the listed arm of the Yunnan Tin Group, reported a first half net loss of RMB 41.3 million (US$6.04 million), much improved on an earlier forecast of a loss of up to RMB 110 million for the period. After a first quarter loss of RMB 112 million, the company moved back into profit in the last three months.
The company reported total sales revenue of RMB 3.16 billion ($463.18 million) in the six-month period, plummeting by 44 % year-on-year. YTC attributed the net loss and falling sales revenue to low product prices and sliding sales volume in the period as a result of the global economic downturn. However, the company still expects to generate an overall net profit of RMB 50 million ($7.32 million) for the whole of 2009 on rebounding product prices and sales volume since the second quarter of 2009.
The company’s total nonferrous metals output stood at 43,045 tons in the first six months of 2009, down 20% on an annual basis. It did not report its refined tin production separately. The figure amounts to 47% of the company’s production target for 2009.