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Chinese Rare Earth narrow its loss by 21%
Wang.c.s  2018.03.30



Chinese Rare Earth (HK 00769) announced its annual report in March 28th. As quoted in the report, the company made annual revenue of HK $637 million by December 31, 2017, down 10 percent; the gross profit HK was $25.631 million, with an increase of 420 percent year –on - year, and the gross margin increased from 1 percent in 2016 to 4 percent in 2017 year –on - year. The company loss attributable to owners was HK $82.839 million year –on - year, narrowed by 21%.

During the year, the normalization of cracking illegal rare earth mining and rare earth smuggling and integration of six rare earth groups promote to short and narrow rare earth supply chain, plus three rounds’ state purchasing and storage, improve the supply and demand pattern resulting rare earth prices rise. In 2017, the ration of rare earth products sales to group's total dropped to 61 percent down by 11 percent, and drop HK $436 million in 2016 to 387 million Hong Kong dollars in 2017 in value. The revenue of refractories products were reduced to HK $251 million in 2017 from HK $273 million in 2016, down by 8 percent accounting for 39% of the total income.

It is known that Chinese Rare Earth Holding Co., Ltd. is one of the largest manufacturers of rare earth material and refractory materials in the country. The company was listed on the Hongkong stock exchange in October 15, 1999 and is the first Chinese private rare earth and refractory production enterprise to be listed overseas.
 
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