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
When it comes to cloud computing, the ability to turn massive amounts of compute cores on and off on demand sounds attractive to IT staff, who need to manage peaks and valleys in user activity. With cloud bursting, the majority of the data can stay on premises while tapping into compute from public cloud providers, reducing risk and minimizing need to move large files. In his session at 18th Cloud Expo, Scott Jeschonek, Director of Product Management at Avere Systems, discussed the IT and busine...
As businesses evolve, they need technology that is simple to help them succeed today and flexible enough to help them build for tomorrow. Chrome is fit for the workplace of the future — providing a secure, consistent user experience across a range of devices that can be used anywhere. In her session at 21st Cloud Expo, Vidya Nagarajan, a Senior Product Manager at Google, will take a look at various options as to how ChromeOS can be leveraged to interact with people on the devices, and formats th...
First generation hyperconverged solutions have taken the data center by storm, rapidly proliferating in pockets everywhere to provide further consolidation of floor space and workloads. These first generation solutions are not without challenges, however. In his session at 21st Cloud Expo, Wes Talbert, a Principal Architect and results-driven enterprise sales leader at NetApp, will discuss how the HCI solution of tomorrow will integrate with the public cloud to deliver a quality hybrid cloud e...
SYS-CON Events announced today that Yuasa System will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Yuasa System is introducing a multi-purpose endurance testing system for flexible displays, OLED devices, flexible substrates, flat cables, and films in smartphones, wearables, automobiles, and healthcare.
Is advanced scheduling in Kubernetes achievable? Yes, however, how do you properly accommodate every real-life scenario that a Kubernetes user might encounter? How do you leverage advanced scheduling techniques to shape and describe each scenario in easy-to-use rules and configurations? In his session at @DevOpsSummit at 21st Cloud Expo, Oleg Chunikhin, CTO at Kublr, will answer these questions and demonstrate techniques for implementing advanced scheduling. For example, using spot instances ...
Companies are harnessing data in ways we once associated with science fiction. Analysts have access to a plethora of visualization and reporting tools, but considering the vast amount of data businesses collect and limitations of CPUs, end users are forced to design their structures and systems with limitations. Until now. As the cloud toolkit to analyze data has evolved, GPUs have stepped in to massively parallel SQL, visualization and machine learning.
The session is centered around the tracing of systems on cloud using technologies like ebpf. The goal is to talk about what this technology is all about and what purpose it serves. In his session at 21st Cloud Expo, Shashank Jain, Development Architect at SAP, will touch upon concepts of observability in the cloud and also some of the challenges we have. Generally most cloud-based monitoring tools capture details at a very granular level. To troubleshoot problems this might not be good enough.
DevOps is under attack because developers don’t want to mess with infrastructure. They will happily own their code into production, but want to use platforms instead of raw automation. That’s changing the landscape that we understand as DevOps with both architecture concepts (CloudNative) and process redefinition (SRE). Rob Hirschfeld’s recent work in Kubernetes operations has led to the conclusion that containers and related platforms have changed the way we should be thinking about DevOps and...
SYS-CON Events announced today that Taica will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Taica manufacturers Alpha-GEL brand silicone components and materials, which maintain outstanding performance over a wide temperature range -40C to +200C. For more information, visit http://www.taica.co.jp/english/.
When it comes to cloud computing, the ability to turn massive amounts of compute cores on and off on demand sounds attractive to IT staff, who need to manage peaks and valleys in user activity. With cloud bursting, the majority of the data can stay on premises while tapping into compute from public cloud providers, reducing risk and minimizing need to move large files. In his session at 18th Cloud Expo, Scott Jeschonek, Director of Product Management at Avere Systems, discussed the IT and busine...
We all know that end users experience the Internet primarily with mobile devices. From an app development perspective, we know that successfully responding to the needs of mobile customers depends on rapid DevOps – failing fast, in short, until the right solution evolves in your customers' relationship to your business. Whether you’re decomposing an SOA monolith, or developing a new application cloud natively, it’s not a question of using microservices – not doing so will be a path to eventual b...
Enterprises have taken advantage of IoT to achieve important revenue and cost advantages. What is less apparent is how incumbent enterprises operating at scale have, following success with IoT, built analytic, operations management and software development capabilities – ranging from autonomous vehicles to manageable robotics installations. They have embraced these capabilities as if they were Silicon Valley startups. As a result, many firms employ new business models that place enormous impor...
SYS-CON Events announced today that SourceForge has been named “Media Sponsor” of SYS-CON's 21st International Cloud Expo, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. SourceForge is the largest, most trusted destination for Open Source Software development, collaboration, discovery and download on the web serving over 32 million viewers, 150 million downloads and over 460,000 active development projects each and every month.
The next XaaS is CICDaaS. Why? Because CICD saves developers a huge amount of time. CD is an especially great option for projects that require multiple and frequent contributions to be integrated. But… securing CICD best practices is an emerging, essential, yet little understood practice for DevOps teams and their Cloud Service Providers. The only way to get CICD to work in a highly secure environment takes collaboration, patience and persistence. Building CICD in the cloud requires rigorous ar...
SYS-CON Events announced today that Dasher Technologies will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Dasher Technologies, Inc. ® is a premier IT solution provider that delivers expert technical resources along with trusted account executives to architect and deliver complete IT solutions and services to help our clients execute their goals, plans and objectives. Since 1999, we'v...