China Mining International (BHD) H1 2024 earnings summary

Executive summary

• H1 2024 loss narrowed to RMB5.156m from RMB8.199m YoY; revenue was nil versus RMB6.856m, as low-margin online trading had been discontinued and pomegranate sales are seasonal.

• Liquidity remained strained, with net current liabilities of RMB25.837m and cash of RMB2.141m at 30 June 2024; going-concern assumptions rely on shareholder support and expected disposal proceeds.

Financial highlights

• Revenue was nil in H1 2024 versus RMB6.856m in H1 2023; comparative gross profit was RMB749,000.

• Loss before tax was RMB5.193m versus RMB8.160m; loss for the period was RMB5.156m versus RMB8.199m.

• Loss attributable to shareholders narrowed to RMB4.180m from RMB6.781m; basic and diluted loss per share was RMB1.02 cents versus RMB1.66 cents.

• Operating cash flow was RMB1.560m versus RMB1.369m; investing cash outflow was RMB5.929m versus RMB2.928m, while financing cash outflow was RMB833,000 versus RMB1.959m.

Outlook and guidance

• Expected USD6m (approximately RMB43m) proceeds from the disposal of an underlying AWP interest were expected before FY2024-end; proceeds were expected to cover current bank borrowings and fund operations for at least 12 months from 30 June 2024.

• Harvesting of pomegranate fruits takes place in September–October, so agriculture revenue is expected to be weighted to H2.

• Cost containment will continue, alongside efforts to pursue new business opportunities amid a challenging macro environment.