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December 12, 2007 |
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TIBET SUMMIT: Nine-Month Loss Hits CNY57MM; Sees Loss for FY2007 Tibet Summit Industry Co., Ltd., incurred a net loss of CNY57 million for the nine-month period ended September 30, 2007, up from the CNY26.3-million net loss it recorded for the same period in 2006, Reuters Key Developments reports. The report notes that Tibet Summit's revenues for the nine-month period totaled CNY546.1 million, up from the CNY5.1 million recorded for the nine-month period the previous year. Revenues reflect increased steady growth of the new business in metal mining, while the net loss was offset by much higher selling, general and administrative expenses, increased investment loss, and increased non-operating expense, Reuters relates. Tibet Summit disclosed that it expects to report a loss for fiscal 2007 guidance, despite the company having experienced a net profit of CNY1,076,064.26 for FY2006. About Tibet Industry Tibet Summit Industry Co., Ltd. is principally engaged in the smelting, production and sale of non-ferrous metal such as zinc and indium, as well as related products. The Company produces zinc sulphate, indium, zinc ignot, zinc oxide, sulphuric acid and others. The Company operates its businesses mainly in northwestern China. As of December 31, 2006, the Company had one major subsidiary, engaged in the production and sale of indium and related products, and two associates, of which one was engaged in the sale of tax-exempt imported and domestic commodities. The Company is headquartered in Lhasa, Tibet Autonomous Region, China. The Troubled Company Reporter-Asia Pacific “Large Companies with Insolvent Balance Sheets” column on Dec. 7, 2007, listed Tibet Summit Industry (600338) as having total assets of US$90.92 million and total shareholders' equity deficit of US$4.05 million. |
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