Performance increase was mainly due to molybdenum price rebound in the first quarter

2013 a quarter of China molybdenum plating Molybdenum prices by weakness in profits2013年5 Jul 11 ​​China Nonferrous network - non-ferrous metal authoritative media platform CMOC 2013 first quarter revenue 1.1 billion yuan , up and down 27% qoq and 15% ; net profit attributable to parent company 210 million yuan , down 25% , but the chain increased substantially , equivalent to earnings per share of 0.04 yuan .  Performance increase was mainly due to molybdenum price rebound in the first quarter .
( A ) gross margin increased significantly. A quarter of the price of molybdenum affected by winter tight supply stage , once rebounded to 1,700 yuan / ton degree horizontal , quarterly average price rose 15% qoq , push up gross margin increased 8.4 percentage points to 26.6% .( 2 ) a decline in the expense ratio .  Current period expenses fell 48% qoq , expense ratio declined 4.2 percentage points to 6.6%. ( 3 ) The effective tax rate decreased by 7 percentage points qoq to 21% .
Molybdenum market volume was light , the cumulative stock price formation on the market outlook or pressure  Molybdenum beginning to rebound to 1700 yuan / ton , mainly winter phased supply and demand mismatches . After the Spring Festival , the slow recovery of the downstream demand , the downstream steel prices down, plus molybdenum industry oversupply , resulting in molybdenum and molybdenum prices weak performance , turnover remain light . Late with businesses operating pressure increases, and social inventory accumulation , price or under pressure.  We maintain our view prior to the molybdenum price , molybdenum fundamentals that difficult this year has been greatly improved , the overall weak performance of molybdenum prices . Tungsten industry chain to expand protection profitability. . In the case of molybdenum prices in the doldrums , the company is committed to enhancing the contribution to earnings of tungsten business and the development of downstream processing . As the company gradually developed Sandaozhuang mine to the central region , tungsten grade increased, the future , and tungsten tungsten concentrate production is expected to improve the business contribution to earnings .  The recent Shouchu affected by tungsten , tungsten prices steady rise , tungsten help support business profitability improved performance of the company . Meanwhile, deep plowing through the A -share IPO tungsten industry chain , is committed to playing a tungsten whole industry chain giants.