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Tianqi Lithium Warns of 2024 Loss on Lower Lithium Prices, Impairment Losses
[Profit Warning Stock] Tianqi Lithium Corporation (09696) fell by 2.62%, expects a net loss of up to 8.2 billion yuan for the whole of 2024.
Jinwu Financial News | Tianqi Lithium Corporation (09696) stock price is under pressure, as of the time of writing, it has dropped by 2.62%, trading at 22.3 Hong Kong dollars, with a transaction amount of 11.51 million Hong Kong dollars. In terms of news, the company has issued a profit warning, expecting a net loss attributable to the Shareholders for the fiscal year ending December 31, 2024, to be in the range of 7.1 billion to 8.2 billion yuan, compared to 7.297 billion yuan in the same period of 2023. The announcement indicates that the performance change is mainly due to the impact of fluctuations in the lithium product market, with overall market prices for lithium products showing a significant downward trend during the reporting period, and the sales prices and gross profits of the company's lithium products have significantly decreased compared to the same period last year.
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Tianqi Lithium Corporation (09696.HK): Expected to recognize an asset impairment provision totaling approximately 2.163 billion yuan for the fiscal year 2024.
On January 24, Gelonghui reported that Tianqi Lithium Corporation (09696.HK) announced that the company initiated the construction of the "0.024 million tons per year Battery-grade monohydrate lithium hydroxide project" ("Phase I lithium hydroxide project") and the "0.024 million tons per year Battery-grade monohydrate lithium hydroxide project" ("Phase II lithium hydroxide project") in Australia in 2016 and 2017, respectively. Currently, the Phase I lithium hydroxide project is in the capacity ramp-up stage. The Phase II lithium hydroxide project is in the suspended construction stage. According to the relevant regulations of the "Chinese Accounting Standards for Enterprises" and other related systems, the company is currently evaluating the aforementioned lithium hydroxide projects based on the latest situation.
Tianqi Lithium to Cease Investment, Construction of Train II Battery-Grade Lithium Hydroxide Monohydrate Project >002466.SZ
Tianqi Lithium: Significant Downward Trend in Price of Lithium Products Weighed on Results >002466.SZ
