Welcome!

News Feed Item

CAA Resources Doubles Revenue to $110.4 Million, Improves Earnings 90 Percent to $19.7 Million in 2013

HONG KONG, CHINA -- (Marketwired) -- 03/19/14 -- CAA Resources Limited (HKSE: 2112), a Malaysia-based iron ore producer supplying leading steel manufacturers in China, today announced that, for the year ended December 31, 2013, the company reported net revenue of $110,372,000, a 103 percent improvement on net revenue of $54,323,000 achieved in 2012.

Total profit attributable to owners of the company for 2013 was $19,745,000, or $.015 per share, a 90 percent improvement on total profit attributable to owners of the company of $10,419,000, or $.009 per share, for 2012.

Sales volume, on dry basis, for 2013 was approximately 1,053 Kt, a 146 increase on sales volume of 429 Kt recorded in 2012.

The company's cash and cash equivalents at December 31, 2013 was $30,748,000, compared to $1,871,000 at December 31, 2012.

CAA's improvements in both revenue and earnings compared to 2012 was primarily the result of significant increases in demand for the company's iron ore products from major steel manufacturers in China, said Chairman and CEO Mr. Yang Li.

Mr. Li added that China's dependence on iron ore imports again reached record highs in 2013, increasing 10.2 percent to 820 million tons. "China remains in the mid-stage of its industrialization and urbanization program," said the CEO. "This rapid advancement continues to require annual increases in the nation's steel production, and as long as this trend prevails, CAA, with its high-Fe content iron ore -- an essential ingredient of high-quality steel -- will continue to benefit."

To review the company's complete annual results announcement, with financial tables, please go to: http://caa-resources.com/attachment/20140318211701001862465_en.pdf

Investors wishing to receive CAA's corporate communications as they become available may go to http://irdirect.net/2112/corporate_overview and register under Email Alerts.

Please visit http://companyspotlight.com/114557/caa-resources-ltd for expanded coverage and a current CAA investor kit.

About CAA Resources

CAA (http://caa-resources.com/) holds extraction rights to significant and high-quality iron ore reserves in Malaysia's Pahang State. The company's open pit mine is located in close proximity to coastal shipping facilities which in turn offer lower production costs and shorter sea transportation routes to China compared to other resource-endowed countries such as Australia, Brazil or India. The high quality of its reserves, low-cost production methods and efficient transportation combine to make CAA a highly competitive supplier, primarily to the China market.

CAA Resources generates positive net cash and has a strong balance sheet following a successful listing on the Hong Kong Stock Exchange in 2013. Its dual track growth strategy is to expand operations beyond its current footprint with the acquisition of new mining rights, and to enhance output from existing operations through further mechanization and enhancement of production technologies.

CAA is primarily focused on the exploration, mining, crushing, beneficiation and sale of iron ore products. Its main asset, the Ibam Mine, has combined measured and inferred mineral resource of 152 million tons at an average grade of 46.5% total iron ore as of December 31, 2012.

The company's principal customers are a variety of reputable Chinese steel mills with whom CAA Resources' management have longstanding and stable relations. According to United Nations Conference on Trade and Development, Chinese apparent iron ore accounted for 53% of the world total consumption. Starting from the second half of 2012, CAA also began selling iron ore products to customers in Malaysia.

Forward-Looking Statements

This press release is for information purposes only and contains certain forward-looking statements which, by their nature, involve risk and uncertainty because they relate to or depend upon future events and circumstances. There are a number of factors which could cause actual results and developments to differ materially from those expressed or implied by these forward looking statements, including a number of factors outside CAA Resources' control. All forward-looking statements are based upon information known to CAA Resources on the date of this announcement and no representation or warranty is given in relation to them, including as to their completeness or accuracy or the basis on which they were prepared. CAA Resources gives no undertaking to update forward-looking statements whether as a result of new information, future events or otherwise. Information contained in this announcement relating to CAA Resources should not be relied upon as an indicator of future performance.

For further information, please contact:

RLM Finsbury

Karen Yu
852-3166-9866
852-6129-7050
[email protected]

Asia IR/PR

Investors:
Jimmy Caplan
+1-512-329-9505
[email protected]

Media:
Rick Eisenberg
+1-212-496-6828
[email protected]

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm.
@GonzalezCarmen has been ranked the Number One Influencer and @ThingsExpo has been named the Number One Brand in the “M2M 2016: Top 100 Influencers and Brands” by Analytic. Onalytica analyzed tweets over the last 6 months mentioning the keywords M2M OR “Machine to Machine.” They then identified the top 100 most influential brands and individuals leading the discussion on Twitter.
All organizations that did not originate this moment have a pre-existing culture as well as legacy technology and processes that can be more or less amenable to DevOps implementation. That organizational culture is influenced by the personalities and management styles of Executive Management, the wider culture in which the organization is situated, and the personalities of key team members at all levels of the organization. This culture and entrenched interests usually throw a wrench in the work...
In his keynote at 19th Cloud Expo, Sheng Liang, co-founder and CEO of Rancher Labs, discussed the technological advances and new business opportunities created by the rapid adoption of containers. With the success of Amazon Web Services (AWS) and various open source technologies used to build private clouds, cloud computing has become an essential component of IT strategy. However, users continue to face challenges in implementing clouds, as older technologies evolve and newer ones like Docker c...
SYS-CON Events announced today that T-Mobile will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. As America's Un-carrier, T-Mobile US, Inc., is redefining the way consumers and businesses buy wireless services through leading product and service innovation. The Company's advanced nationwide 4G LTE network delivers outstanding wireless experiences to 67.4 million customers who are unwilling to compromise on ...
With major technology companies and startups seriously embracing Cloud strategies, now is the perfect time to attend @CloudExpo | @ThingsExpo, June 6-8, 2017, at the Javits Center in New York City, NY and October 31 - November 2, 2017, Santa Clara Convention Center, CA. Learn what is going on, contribute to the discussions, and ensure that your enterprise is on the right path to Digital Transformation.
20th Cloud Expo, taking place June 6-8, 2017, at the Javits Center in New York City, NY, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy.
Data is an unusual currency; it is not restricted by the same transactional limitations as money or people. In fact, the more that you leverage your data across multiple business use cases, the more valuable it becomes to the organization. And the same can be said about the organization’s analytics. In his session at 19th Cloud Expo, Bill Schmarzo, CTO for the Big Data Practice at Dell EMC, introduced a methodology for capturing, enriching and sharing data (and analytics) across the organization...
Building a cross-cloud operational model can be a daunting task. Per-cloud silos are not the answer, but neither is a fully generic abstraction plane that strips out capabilities unique to a particular provider. In his session at 20th Cloud Expo, Chris Wolf, VP & Chief Technology Officer, Global Field & Industry at VMware, will discuss how successful organizations approach cloud operations and management, with insights into where operations should be centralized and when it’s best to decentraliz...
Five years ago development was seen as a dead-end career, now it’s anything but – with an explosion in mobile and IoT initiatives increasing the demand for skilled engineers. But apart from having a ready supply of great coders, what constitutes true ‘DevOps Royalty’? It’ll be the ability to craft resilient architectures, supportability, security everywhere across the software lifecycle. In his keynote at @DevOpsSummit at 20th Cloud Expo, Jeffrey Scheaffer, GM and SVP, Continuous Delivery Busine...
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place June 6-8, 2017, at the Javits Center in New York City, New York, is co-located with 20th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry p...
SYS-CON Events announced today that Progress, a global leader in application development, has been named “Bronze Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Enterprises today are rapidly adopting the cloud, while continuing to retain business-critical/sensitive data inside the firewall. This is creating two separate data silos – one inside the firewall and the other outside the firewall. Cloud ISVs oft...
SYS-CON Events announced today that Juniper Networks (NYSE: JNPR), an industry leader in automated, scalable and secure networks, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Juniper Networks challenges the status quo with products, solutions and services that transform the economics of networking. The company co-innovates with customers and partners to deliver automated, scalable and secure network...
In recent years, containers have taken the world by storm. Companies of all sizes and industries have realized the massive benefits of containers, such as unprecedented mobility, higher hardware utilization, and increased flexibility and agility; however, many containers today are non-persistent. Containers without persistence miss out on many benefits, and in many cases simply pass the responsibility of persistence onto other infrastructure, adding additional complexity.
SYS-CON Events announced today that CA Technologies has been named "Platinum Sponsor" of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, New York, and 21st International Cloud Expo, which will take place in November in Silicon Valley, California.