This Day On The Street
Continue to site right-arrow
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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Chinese Miner Qiao Xing Posts 1st-half Profit

NEW YORK (AP) â¿¿ Chinese resources company Qiao Universal Resources Inc. on Friday reported a return to profit in the first half of the year as sharply lower costs offset a downturn in sales.

"We are pleased to return to profitability following our efforts to strategically transform the company into a resources-focused enterprise," said Chairman and CEO Ruilin Wu, in a statement. The company had been a major maker of telecommunication terminal products in China, but decided in 2007 to diversify into the resources industry. Wu said the company is looking to privatize its Qiao Xing Mobile Communication Co. business and is making steady progress in acquiring molybdenum, copper, lead and zinc mines.

The company said it earned 100.6 million yuan ($14.8 million), or 1.12 per share (17 cents per share) in the six months ended June 30, compared with a loss of 184.1 million yuan during the first six months of 2010. The company's year-ago results were hurt by higher operating costs and losses on now-discontinued operations.

Revenue fell to 465.9 million yuan ($68.7 million) from 1.05 billion yuan. Revenue from the telecommunications business fell to 324 million yuan ($47.8 million) from 1.04 billion yuan. Handset shipments fell to 621,000 units from just under 1.6 million units, accounting for the lower unit revenue, the company said.

"The decrease in handset shipments was primarily due to fewer new model launches and a slow-down in shipments amid intense competition in the PRC handset market," the company said in a statement.

During the first half, molybdenum concentrate production was 1,550 tons, equivalent to 746 tons of molybdenum metal, which can withstand extreme temperatures. It is often used in aircraft and industrial parts.

Looking ahead, the company said it expects continued growth from its Haozhou Molybdenum Mining business, which may grow eventually to contribute over $24 million profit in 2011. The company also expects to complete its acquisition of Balinzuo Banner Xinyuan Mining Co. Ltd, which owns a lead-zinc mine in China.

1 of 2

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

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.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

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.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs