HONG KONG, CHINA--(Marketwired - Mar 19, 2014) - 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
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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.