Summary of the results for the first three quarters of 2009. From January to September 2009, the company achieved operating income of 1.96 million yuan, down 88.07% from the same period last year; operating profit was-2.29 million yuan, down 172.44% from the same period last year; net profit belonging to the parent company was 1.12 million yuan, down 77.49% from the same period last year, and basic earnings per share was 0.01yuan, down 75% from the same period last year. Among them, the operating income in the third quarter (July-September) was 00,000 yuan, down 100% from the same period last year; operating profit was-4.1 million yuan, down 446.24% from the same period last year; and the net profit belonging to the parent company was-750000 yuan, down 158.78% from the same period last year.
Overview of the company's fundamentals: the company's main business is real estate development and material sales, in which the real estate business is its main source of income and profit. As the project developed by Chongqing Yajia Real Estate Co., Ltd., a holding subsidiary, has been basically completed, the operating income and profits have dropped significantly during the reporting period compared with the same period last year. The company does not have any real estate or other projects at present.
One of the company's concerns: the progress of major asset sales. The company plans to sell accounts receivable and inventory totaling about 163 million yuan at book value to Chongqing Yinxing Economic and technological Development Co., Ltd., a subsidiary of the controlling shareholder. Although the CSRC has approved the transaction, due to the financial reasons of the other party, as of the end of the reporting period, the transaction has not yet been implemented.
The second focus of the company: major asset restructuring. The controlling shareholder of the company and Guangxi Mining Investment Management Co., Ltd. entrusted by Guangxi Nonferrous Metals Group Co., Ltd. planned the change of the company's controlling shares, and the shares of the company were suspended for a time. Although the relevant conditions were not mature, the major asset restructuring failed to take place. However, considering the current actual situation, the company still has a large possibility of asset restructuring.
Risk hint. At present, the company's profitability is limited, and does not have any project reserves, whether it can continue to operate will be a question.