Prosperity Minerals Holdings swings to net loss in first-half

Byswb

Updated Mon, 28 Dec 2009 00:00:00 GMT

Prosperity Minerals Holdings Ltd., which operates a cement manufacturing business in the People's Republic of China and an iron ore trading business serving the same market, reported a net loss for the first six months ended September 30 of US$1.7 million or US$0.01 per share, compared to net profit of US$13.4 million or US$0.10 per share for the same period last year.

Net profit before taxes for the first-half dropped 91% to US$1.3 million from US$14.4 million a year earlier.
 
Revenue for the first-half increased 33% to US$491.42 million from US$369.28 million in the prior year period.

The company also said that Jian Ping Wu has stepped down as an executive director of the company, effective December 22. He will remain with Prosperity in his current capacity as a director and general manager of both Yingde Dragon Mountain Cement Co. Ltd. and Prosperity Conch Cement Co. Ltd.