On August 9th, Gelonghui announced that based on a preliminary review of the unaudited comprehensive management accounts and other currently available information for the six-month period ending June 30, 2024, the Group expected to record a net profit of approximately 1.4 million US dollars during the period, compared to a net profit of approximately 2.9 million US dollars for the six-month period ending on June 30, 2023 (the 'same period last year').
The Group's expected decrease in net profit during the period compared to the same period last year is mainly due to weak demand for high-grade iron ore from the Group's customers. As a result, the Group's iron ore sales volume decreased compared to the same period last year, resulting in an expected decrease in the Group's revenue and gross margin of approximately 41 million US dollars and approximately 1.3 million US dollars, respectively.