Southgobi (01878.HK) announced that the company is expected to record a net income attributable to equity holders of $9 million to $11 million for the six months ended June 30, 2024, while a net loss attributable to equity holders of approximately $52.8 million was recorded for the same period in 2023.
The return to profitability is mainly due to (1) an increase in sales during the interim period; and (2) the disclosure in announcements dated July 31, 2023, August 18, 2023, February 26, 2024, May 22, 2024, and June 12, 2024, of an additional tax payment and tax penalty of $75 million collected by the Mongolian tax authority in the second quarter of 2023.