This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Chinese Miner Qiao Xing Posts 1Q Profit

NEW YORK (AP) â¿¿ Qiao Xing Universal Resources Inc., a one-time telecommunications equipment maker that has decided to focus entirely on its mining business, said Monday that it swung to a profit in its first quarter on income from discontinued operations.

The company, which operates a copper and molybdenum mining company in Mongolia, said earnings from its mining business would be higher in the April-June quarter.

Qiao Xing also said it was close to deciding what to do with its Qiao Xing Mobile Communication Co. subsidiary.

The company had been a major maker of telecommunication terminal products in China, but decided in 2007 to diversify into the resources industry.

In April 2009, it acquired a company that owned the rights to receive the residual returns from a large copper-molybdenum poly-metallic mining company in Inner Mongolia, China.

Since then, the company decided to become a pure resources company and said it is seeking acquisitions in that industry.

The Chinese company reported net income of 71.4 million renminbi ($10.5 million), or 0.81 renminbi per share (12 cents per share), in the quarter ended March 31, compared with a net loss of 21.5 million renminbi, or 0.69 renminbi per share, a year earlier.

Sales tumbled 58 percent to 195.4 million renminbi ($28.6 million).

Qiao Xing reported income of 67.6 million renminbi($9.9 million) from discontinued operations in the latest quarter compared with a small loss a year earlier.

Qiao Xing's U.S. shares rose 23 cents, or 15.7 percent, to $1.70 in afternoon trading Monday.
Copyright 2010 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.74 0.00%
FB $117.58 0.00%
GOOG $693.01 0.00%
TSLA $240.76 0.00%
YHOO $36.60 0.00%


Chart of I:DJI
DOW 17,773.64 -57.12 -0.32%
S&P 500 2,065.30 -10.51 -0.51%
NASDAQ 4,775.3580 -29.9330 -0.62%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs