Tianqi Lithium Corp. Class H (HK:9696) has released an update.
Tianqi Lithium Corp. has issued a profit warning for the first half of 2024, anticipating a significant net loss of RMB 4.88 to 5.53 billion, a stark contrast to the net profit of RMB 6.45 billion in the same period last year. The performance downturn is attributed to a substantial drop in lithium product sales prices and a temporary loss due to pricing mechanism mismatches. Additionally, the company’s investment income from associate SQM is expected to decline due to a substantial year-on-year decrease in SQM’s interim results.
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