Citic Resources First-Half Profit Rises 135% as Oil Climbs


Citic Resources Holdings Ltd.  said profit more than doubled in the first half of the year, boosted by a 61 percent surge in sales of crude oil.
Net income climbed 135 percent to HK$393 million ($50 million) in the six months ended June 30, from HK$168 million in the same period a year earlier, according to Hong Kong Stock Exchange filing today. Revenue from selling crude climbed to HK$2.8 billion. The company also booked a gain from the sale of a stake in its Codrilla Deposit coal mine in Australia. Sales climbed 43 percent to HK$18.4 billion.
“Post-recession economic growth particularly from emerging markets such as the People’s Republic of China helped sustain demand for energy and natural resources,” Citic Resources said in the statement. “Global markets and economies may remain volatile in the near term due to a rapidly changing macroeconomic environment.”
Citic Resources has a 16.3 percent stake in Australia’s Macarthur Coal Ltd., according to the statement. The Chinese company said July 11 it hasn’t decided whether to accept an offer from Peabody Energy Corp. and ArcelorMittal to take over Macarthur. Citic may join a counterbid, IG markets said this month.


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