Rochester,NY 9/1/2009 9:16:10 PM
China Shen Zhou Mining & Resources, Inc. SHZ, Announces Second Quarter Financial Results
China Shen Zhou Mining & Resources, Inc.
China Shen Zhou Mining & Resources, Inc., a leading company engaged in the exploration, development, mining and processing of fluorite, zinc, lead, copper, and other nonferrous metals in China, today announced its financial results for the quarter ended June 30, 2009.
Second Quarter 2009 Financial Results
Net revenues for the quarter ended June 30, 2009 were $0.73 million, representing a $0.45 million or 38% decrease as compared to the same period of 2008. The decrease in net revenues is mainly because (i) Qianzhen Mining ceased its zinc processing operation because of a shortage of ore supplies, and (ii) Xingzhen just restarted production in June 2009 and had very low revenue in the second quarter of 2009. Xingzhen Mining will have normal production/sales in the third quarter of 2009.
For the second quarter, gross profit was $160,000, which increased by approximately 433% from negative $48,000 in gross profit for the same period of 2008. Gross profit margin rose from approximately -4.1% for the second quarter of 2008 to approximately 22.0% for the same period of 2009. The increase was mainly due to the significant decrease in mining costs by Xiangzhen Mining.
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