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CITIC Resources Announces 2018 Interim Results Robust Growth in Net Profit

2018-08-13 09:18:27

On 27July 2018, CITIC Resources Holdings Limited (“CITIC Resources”) (HKEx stock code: 1205)announced its unaudited interim results forthe first half of 2018.

CITIC Resources has been listed on The Hong Kong Stock Exchange since 1997.  Principal activities of CITIC Resources include the exploration, development and production of oil and coal, investments in manganese, bauxite mining, alumina refinery and aluminium smelting, as well as the import and export of commodities.  CITIC Limited is the largest shareholder with about 60% interest in CITIC Resources.

Compared to the same period of 2017, CITIC Resources’revenue saw a significant improvement, and its main business as well as investments both recorded profits, with a particularly strong performance from oil categories and a considerable return from its investment inAlumina Limited. CITIC Resources' operational performance was satisfactory with EBITDA and profit attributable to shareholders reaching HK$1,015.8 million and HK$529.1 million respectively, a record high of profit for the same period over the past decade.

In the first half of 2018, oil and commodity prices further improved. CITIC Resources seized on the favourable opportunity to promptly press ahead its meticulous management and enhanceeffectiveness by introducing appropriate technology. In the meantime,CITIC Resources actively deployed a series of medium-to long-term development strategies. On the one hand, production efficiency and profitability were notably improved as results of adjusting oilfield development program and optimising thermal recovery methods. On the other hand, CITIC Resources successfully renewed the production sharing contract in Seram Block, Indonesia in May, offering a prospect for releasing the value of potential natural gas reserves. 

CITIC Resources managed to maintain high morale and achieved a stable financial position with sufficient cash, laying a solid foundation for future development. These results are hard earned, which were driven by the concerted efforts and dedicated work of the management and all staff in the past three years. In the future, CITIC Resources will continue strengthening its core business, promoting quality investment cooperation, consolidating and expanding its business footprint so as to create stable returns for its shareholders and better career development for its staff.



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