China Natural Resources, Inc. (CHNR), a company specializing in minerals and coal resources in China, announced on Tuesday a reduced net loss for the first half of the year compared to the same period last year.
For the six months ending on June 30, the company reported a net loss from continuing operations of CNY 0.122 million or CNY 0.01 per share. This is an improvement from the previous year's net loss of CNY 4.506 million or CNY 0.55 per share.
The reduction in net loss primarily resulted from gains in the fair value of financial instruments, specifically warrants, as well as the divestiture of a loss-making water treatment business in 2023.
The fair value of financial instruments recorded a gain of CNY 3.86 million, as opposed to a loss of CNY 0.09 million in the prior year. This amount reflects the variations in the fair values of the company's outstanding warrants.
There was no loss from discontinued operations, contrasting with last year's loss of CNY 6.236 million or CNY 0.76 per share. The previous year's loss was attributed to an assessment of expected credit losses on receivables and contract assets, as uncollected and aged receivables and contract assets were significantly higher in 2022.
The total net loss per share stood at CNY 0.01, compared to CNY 1.31 per share a year earlier.
The loss before income tax decreased to CNY 0.122 million from CNY 4.506 million in 2023.
In the pre-market trading on the Nasdaq, CHNR shares rose by 16.70 percent to $0.735.
The material has been provided by InstaForex Company -
www.instaforex.com
