Tin shares last year, a huge loss of 1.34 billion gross margin and the decline in inventories mainly due to

Although performance forecasts have been prepared for investors, the A billion of per cent loss in the tin sector in 2013 was a surprise. Yesterday (April 2), the Tin shares announced the annual report, its 2013-year operating income of 21.9 billion yuan, an increase of 34.68%, while the net profit for the loss of 1.34 billion yuan, the year-on-year decline of more than 20 times times. 　　For loss reasons, the company announced that the domestic and foreign non-ferrous metals and precious metals industry downturn, product sales gross profit margin year-on-year decline. It is noteworthy that in recent years the non-ferrous metals industry continued to slump, which led to a decline in the gross profit margin of the tin industry more than 10%, and performance pressure eventually broke out in 2013.　　Zhangqing, an information analyst with the daily Economic news, said 2013 tin prices all the way down, down 8.21%, 2014 tin prices will remain low shocks. Pan Wenhao, a director of the tin Industry, told the Daily economic news reporter that the big reduction in gross profit margins and high inventories was the main cause of the decline, but the turnaround in the first quarter was no problem.　　At the same time Pan Wenhao also admits that if the non-ferrous market is still running at the bottom, the sustainability of profitability may not be too much to say, the company will take measures to ensure that this year's profit, lest be *st.　　Net profit fell Year-on-year 2405.52% the 2013 annual report of the Tin shares showed that the company realized operating income of 21.9 billion yuan in the reporting period, up 34.68% from a year earlier, and that the net profit attributable to shareholders of listed companies was 1.34 billion yuan, down 2405.52% from a year earlier.　　"The company encountered an unprecedented operating difficulties, the first time into a loss situation," said the annual report of the tin industry, the 2013 was affected by the macroeconomic situation, market demand shrank, non-ferrous metals and precious metals prices continued to decline, the company's gross profit margin fell sharply, operating a large loss of net profits, compared to a According to the results of the tin shares issued in January this year, the forecast of 2013 net profit of 1.19 billion yuan to 1.29 billion yuan, the performance changes because of the sharp decline in product prices, according to the "Business Accounting standards," the requirements of lead, silver, copper production of finished goods, raw materials,　　The intermediate turnover goods account for a large amount of inventory depreciation preparation, at the same time, because the company's main products sales price than the same period a year ago a larger decline, gross profit margin, resulting in 2013 years of big losses. Huatai Securities (market, inquiry) analysis that the price of tin, copper and other metals are the main cause of large losses in the tin industry, the three quarter of 2013 years ago, tin, copper and other metal prices fell by 7.3% and 6.6% respectively in the same period in 2012, the by-product of silver prices also fell sharply.　　Tin shares in 2013 consolidated gross profit margin fell sharply to 3.15%. It is noteworthy that the non-ferrous metal gross profit margin of the tin industry shares fell from the end of 2011 to 9.39% at the end of 2012, the end of 2013 to 0.13%. Pan Wenhao said that the fall in the price caused gross profit margin is the main problem of corporate losses。　　Last year is because the silver inventory is too big, unilateral fall price let people unprepared. Uncertainty about the profitability of this year, Zhangqing, a news analyst, told the Daily Economic news reporter, the impact of the financial crisis, tin prices from 2008 to fall rapidly, after the country's bailout policy and the impact of the U.S.　　Zhangqing that tin prices will continue to maintain low volatility, and compared to tin, other non-ferrous metals fell more seriously. Pan Wenhao to the daily economic news reporter said that the tin price has remained low since this year, the biggest loss last year, the silver price is still low, but inventory has reached normal levels.　　And this year to achieve normal inventory will not have a big loss last year. Many investors remain puzzled by the loss of a billion of in 2013 and the rapid turnaround in the first quarter of this year.　　In this regard, Pan Wenhao said that there are some doubts, the relevant departments have also noted the issue, to the company inspection, and even commissioned the audit body full audit, but finally confirmed that the change is normal. The tin industry shares notice said that since the second half of 2013, the company has deepened internal reform, adjusted its business strategy, adopted a number of management measures, such as internal innovation, strict control of costs, accelerated inventory turnover, the production of partial loss products, stop or postpone the investment projects, such as no marginal contribution to the period, the loss momentum has been curbed　　The company's losses in the second half of last year have been significantly reduced. "A quarterly turnround is no problem. "Pan Wenhao said that the low operating price of the tin industry shares unfavorable factors still exist, but the impact of the loss is not small."　　The main reason for the first quarter is still internal potential, in addition to the last year, the value of the reduction in the first quarter also rushed back a large part. It is noteworthy that, as the international tin products leading enterprises, if this year continue to lose money, tin shares will face *st situation.　　In this respect, Pan Wenhao said that this year is the company's tough year, inventory further adjustment, and control three costs, this year to ensure profitability. But in the face of the low level of the non-ferrous metal industry shocks, Pan Wenhao also said that the company will strive to take measures to ensure the sustainability of profitability, but after all, some of the loss measures are unconventional, market prices if the bottom of the operation, the sustainability of profitability "may not be too much to say."