OREANDA-NEWS. September 02, 2014. CITIC Resources Holdings Limited (“CITIC Resources” or the “Company”) (HKEx stock code: 1205) announced unaudited interim results of the Company and its subsidiaries (collectively, the “Group”) for the six months ended 30 June 2014 (the “Period”).

Affected by the weakened performance of its import and export of commodities segment which suffered from the faltering global commodities market during the Period, the Group recorded total revenue of HKD 15.1 billion, representing a drop of 29% over the same period last year.

However, bolstered by an improved performance from the crude oil segment mainly attributable to the resumption of production at the Yuedong oilfield in China, as well as the granting of a preferential mineral extraction tax rate to the Karazhanbas oilfield during the Period, EBIT edged up by 23% to HKD590.8 million with profit attributable to shareholders also up 61% to HKD 168.4 million.

Mr. Peter Kwok, Chairman of the Group, stated, “We are pleased to see the improved performance delivered by the crude oil segment and the steady progress made by the Yuedong oilfield during the Period which has helped offset the weaker results of our import and export of commodities segment which continued to face strong headwind from the tepid commodities market. Our enhanced capital structure following the full redemption of the outstanding principal amount of the USD1 billion 6.75% senior notes due May 2014 has also allowed us to implement our business strategy with higher flexibility, paving the way for sustainable developments in the long term.”