Summary by Moomoo AI
Luoyang Molybdenum Industries (CMOC) announced its first quarter unaudited financial report for the year ended March 31, 2024. The report showed that the company's operating income reached RMB 461.21 billion, up 4.15% year-on-year. Net profit attributable to shareholders of listed companies was RMB20.72 billion, a significant year-on-year increase of 553.28%, while net profit after non-recurring losses reached RMB20.91 billion, a year-on-year increase of 3,082.87%. Basic earnings per share and diluted earnings per share were $0.100, an increase of 566.67% year-over-year. The company said the profit growth was mainly driven by the arrival of the TFM hybrid mine project, increased sales of copper cobalt products, and improved cost controls. In addition, production and sales of the company's main products copper, cobalt, molybdenum, tungsten, and niobium increased. The company's major shareholders include Hung Shing Industrial Holdings Group Limited and Luoyang Mining Group Limited, holding 24.69% and 24.68%, respectively.
