MMG­posts its third loss in a row

China Daily (Canada) - - BUSINESS -

MMGLtd, the miner owned by China’s top State-owned met­als trader, posted a third straight half-yearly loss as rev­enue dropped 47 per­cent due to lower prices and the clo­sure of a zinc mine in Aus­tralia. Its shares fell. Its net loss widened to $93 mil­lion in the first six months, from $48 mil­lion a year ear­lier, ac­cord­ing to a state­ment on Tues­day. Rev­enue sank to $586 mil­lion from $1.1 bil­lion. The clo­sure of the com­pany’s Cen­tury zinc mine, lower cop­per out­put in Laos and de­clin­ing met­als prices all hit sales. af­ter the Asian mar­ket re­cov­ers from its first quar­terly drop in five years. Chi­nese ticket sales are poised to in­crease 22 per­cent to $10.4 bil­lion next year, ac­cord­ing to av­er­age pro­jec­tions at IHS Markit Ltd and Price­wa­ter­house­Coop­ers LLP. That would edge above the $10.2 bil­lion av­er­age fore­cast for the US mar­ket. big­gest so­cial net­work and on­line en­ter­tain­ment firm, posted a 47 per­cent jump in sec­ond-quar­ter profit, beat­ing an­a­lysts’ es­ti­mates, as rev­enue gre­wat its fastest rate in more than three years. Net in­come for the quar­ter ended June rose to 10.9 bil­lion yuan ($1.64 bil­lion), out­pac­ing es­ti­mates of 9.8 bil­lion yuan, ac­cord­ing to a poll of nine an­a­lysts.

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