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Name | Symbol | Market | Type |
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Wt Carbon | LSE:CARP | London | Exchange Traded Fund |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
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18.50 | 1.00% | 1,866.00 | 1,864.00 | 1,868.00 | 1,902.00 | 1,902.00 | 1,902.00 | 26 | 16:35:24 |
4 July 2008 China Changfa Alumina Recycling Limited ("China Changfa" or "the Company") Interim results for the six months ended 31 March 2008 Chairman's Statement I am pleased to announce the results of China Changfa for the six months ended 31 March 2008. Highlights include: * Revenue for the six months of £1.2 million (2007; £1.1m) * Profit after tax for the six months of £67,000 (2007; £0.1m) Financial and operating overview China Changfa, incorporated in Jersey, is the holding company of Xi'an Changfeng Aluminium Recycling Co. Ltd ("Xi'an Changfeng") based in Shaanxi Province, China. Xi'an Changfeng is one of the few companies in China which recycles alumina waste, producing high silicon aluminium using its proprietary electrolytic technology. Revenue for the six months ended 31 March 2008 was £1.2 million, with profit after tax amounting to £67,000. The reduced profit compared to last year is due to the significant rise in the price of coal and relatively stable price of high silicon aluminium in China. Outlook Given the increasing costs of coal and inability at present to raise the sales price of their core product, the Company plans to shift its core business from high silicon aluminium production to straw power generation by converting coal-fired power plant to biomass power plant. Changfa's energy saving strategy is in line with the Chinese government's environmental policy and therefore is highly supported by provincial and local government. If approved by the authorities, it will be the first clean electricity plant in Shaanxi province. The Chinese government provides subsidies of 0.25 yuan per kw/h for biomass energy generation and all the electricity will be purchased by the National Grid. The Company will start constructing generators upon approval and expect to start running in the first half of 2009. Once operational, the reduced raw material costs and government subsidy are expected to greatly enhance the Company's profit levels. Apart from straw power generation, the Company is also seeking to derive revenue from selling carbon credits under the Clean Development Mechanism (CDM). According to the project design, if successfully registered with the United Nations, the project will generate 77MW of electricity and reduce 80,000 tons of green house gas emissions per year. Chen Changwu Chairman 4 July 2008 China Changfa Alumina Recycling Limited Consolidated Income Statement For The Six Months Ended 31 March 2008 £'000 Revenue 1,181 Local tax (6) Cost of sales (940) Gross profit 235 Administrative expenses (135) Operating profit 100 Income tax (33) Profit for the year 67 Earnings per share (pence) Basic 0.22 Notes to the financial statements 1. Basis of preparation The results for the Company for the six months ended 31 March 2008 are unaudited and have been prepared in accordance with International Financial Reporting Standards. The financial statements contained in this report do not constitute statutory accounts. 2. Earnings per share The calculation of basic earnings per share is based on the profit after tax of £66,576 and on 30,005,000 ordinary shares being the weighted average number of ordinary shares in issue during the period. 3. Dividend The directors do not recommend the payment of a dividend. The Directors of China Changfa Alumina Recycling Limited accept responsibility for this announcement. For further information please contact: Carol Chen London Asia Corporate Finance Tel: +852 2251 8373 END
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