CITIC Resources Holdings Ltd. provided earnings guidance for the six months ending June 30, 2015. The board of directors of the company announced that, based on information currently available, the board expects the group to record a net loss for the six months ending June 30, 2015 (the period) as compared to a net profit for the six months ended June 30, 2014. The principal factors for the expected net loss of the group include: a significantly lower average selling price of oil.

Global oil prices fell considerably in second half of 2014 and continued to fall further in first quarter of 2015. For example, Dated Brent crude oil fell to $45 per barrel and Platts Dubai crude oil to $42 per barrel in January 2015. Whilst there has been a recent modest recovery, oil prices have been considerably lower during the first four months of 2015 than during the corresponding period in 2014 and are not expected to improve much during the remainder of the Period.

As a result, the Group's oil business, a major component of the Group's overall business, is expected to record a significant loss for the Period; and a poor operating performance from the import and export of commodities business of the Group (the Commodities Business). During the first four months of 2015, the Commodities Business has continued to encounter difficult market and operating conditions as demand for commodities and commodity selling prices have remained depressed as a result of the relative slowdown in major markets, especially China. This, together with the loss of certain key customers in 2014 and heightened competition, has contributed to a material decrease in trading volume leading to a significant reduction in profit for the Commodities Business so far in 2015.

This situation is expected to continue for the remainder of the Period and potentially for the rest of 2015.