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.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV