Yesterday, China Shen Zhou Mining & Resources, Inc. announced its financial results for the third quarter, which ended September 30, 2010. The company posted positive numbers across the board.
Net revenues increased to $3.62 million in the third quarter, a 110% increase from the same period in 2009. Net income attributable to the company and subsidiaries increased to $0.52 million as compared last year’s net loss of $2.15 million. Gross profit increased by approximately 600%, raising to $1.74 million from $0.25 million last year; the company posted a gross margin of 48%. Basic and diluted net income (loss) per share from continuing operations was $0.02 in the third quarter of 2010 and minus $0.08 in the third quarter of 2009.
“In the third quarter, we achieved a significant change in operations. Our major processing plants have begun operating at full scale in the third quarter of this year. We believe that this is a new beginning for our business since September 2008 after the crisis. Along with the increase in the price of our final products, this situation brings a positive change to our financial results. We expect that such full-scale operations in our plants will continue to be carried out in 2011,” commented Ms. Xiaojing Yu, the Chairwoman and CEO of the Company.
Further information on the company’s 2010 third quarter performance can be found on the company’s website at www.chinaszmg.com
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