Ganfeng Lithium issues profit warning, forecasting significant loss
Ganfeng Lithium (HKEX: 1772) has issued a profit warning, forecasting a net loss between RMB 1.4 billion and RMB 2.1 billion for the year ended December 31, 2024. This represents a substantial decrease of 128.30% to 142.45% compared to the RMB 4.95 billion profit reported in the same period last year. The company attributes the expected loss primarily to fluctuating lithium prices, impacting both its financial assets and operating results. A significant loss from fair value changes, approximately RMB 1.64 billion, stemming from declining Pilbara Minerals Limited share prices contributed heavily. Lower lithium salt and battery sales prices, despite increased shipment volumes, further impacted performance. The company also cited increased provisions for impairment on assets like inventories as a contributing factor. Basic loss per share is estimated between RMB 0.70 and RMB 1.05, compared to earnings of RMB 2.46 per share in the prior year.
This report was generated by FilingReader's AI system from regulatory filings and company disclosures. To request a correction, contact editorial@filingreader.com
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