Tianqi Lithium Net Profit Falls on Lower Lithium Product Prices
By Amanda Lee
Tianqi Lithium's net profit fell sharply last year due to a decline in selling prices of lithium products, impairment losses and lower income from its associates.
The Chinese lithium producer said late Wednesday that net profit fell to 7.23 billion yuan (US$1.0 billion) in 2023 from CNY23.94 billion the previous year.
Revenue, however rose marginally to CNY40.45 billion from CNY40.17 billion.
The slight increase in revenue was mainly from its lithium concentrate unit, which is primarily involved in mining, production and sales of lithium concentrates.
Revenue from lithium compounds and derivatives, which mainly includes metal and compounds, fell during the year, the company said.
Write to Amanda Lee at amanda.lee@wsj.com
(END) Dow Jones Newswires
March 27, 2024 21:37 ET (01:37 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
What’s the Difference Between the CPI and PCE Indexes?
-
Micron Earnings: Great Guidance but Stock Now Looks Fairly Valued
-
August PCE Report Forecasts Show More Good News on Inflation
-
AI Stocks May Be Down, but Don’t Count Them Out
-
4 Stocks to Buy as the Fed Cuts Interest Rates
-
Markets Brief: The Uncertain Path to Neutral Interest Rates
-
What’s Happening in the Markets This Week
-
Where Top Stock Fund Managers Are Looking Next After the Fed Rate Cut
-
Our Top Pick for Investing in US Renewable Energy
-
How to Measure a Stock’s Uncertainty
-
How to Determine Whether a Stock Is Cheap, Expensive, or Fairly Valued
-
Why a Company’s Management and Capital Allocation Matter
-
How to Determine What a Stock Is Worth
-
How to Measure a Company’s Competitive Advantage
-
How to Think Like a Stock Analyst
-
How GLP-1 Drugs Like Ozempic Are Boosting Biopharma Stocks