CITIC Resources profit up 41% in 2007

CITIC Resources Holdings<1205>, a unit of China International Trust & Investment Corporation (CITIC), said its net profit jumped 41% in 2007, boosted by the country's increasing demand from natural resources like metals, coal and oil.

According to the company's statement to the Hong Kong Stock Exchange over the weekend, the company's net income jumped to HK$282.8 million (US$36 million), or HK$0.0561 per share, compared with HK$201 million, or HK$0.0461 per share a year earlier. Its sales revenue increased to HK$10 billion from HK$6.8 billion a year earlier.

CITIC Resources, in which Temasek Holdings holds 11.23% stake, have bought oil assets in Kazakhstan from its parent for HK$7.827 billion last year.

It also plans to raise US$800 million through listing its unit – CITIC Dameng Mining Industries in Hong Kong by the end of the year.