HUIZHOU, China, June 30 /PRNewswire-Asia-FirstCall/ -- Qiao Xing Universal Resources, Inc. (Nasdaq: XING) ("the Company" or "XING"), an emerging Chinese resources company headquartered in Huizhou, Guangdong Province, today announced its unaudited results for the fiscal year ended December 31, 2009.
"We are pleased with the progress we have made in the past several months executing our resources driven growth strategies. During this time, we were able to divest our fixed line terminal business and complete the acquisition of our molybdenum mine. In addition, we entered into preliminary agreements to acquire participation in copper, lead and zinc," commented Mr. Ruilin Wu, the Company's Chairman and Chief Executive Officer. "We expect the Chinese and the Global economy will continue to grow in the months and years ahead, and we expect that our strategy to exit our legacy telecom businesses and focus our efforts on building a portfolio of strategic mining assets will provide us with more stable and attractive returns on our shareholder's capital going forward."
Fiscal 2009 Highlights
Fiscal year 2009 represented a critical year for the Company as it transitioned its business focus from telecommunication terminals to the resources industry. In April 2009, XING successfully acquired China Luxuriance Jade Co., Ltd. to enter the molybdenum mining and processing industry. In July 2009, XING started commercial production of molybdenum concentrate at its molybdenum mine, generating sales revenue of Rmb193.9 million (US$28.4 million) and net income of Rmb64.2 million (US$9.4 million) in the second half of the year.
Source : http://www.prnewswire.com/news-releases/qiao-xing-universal-announces-2009
-financial-results-97480844.html
No comments:
Post a Comment