IRC Limited sees production and sales volume improvements

IRC Limited (HKEX:1029) reported a 4.5% increase in iron ore concentrate production for the quarter ended December 31, 2024, compared to the previous quarter, and a 5.1% increase in sales volume. However, the company issued a profit warning, anticipating a loss attributable to owners of between US$20 million to US$30 million for the full year 2024, compared to a profit of US$7 million in 2023, excluding assets impairment. This downturn is attributed to a 3.6% decrease in annual production, reduced average iron ore prices with Platts 65% declining 6.8% YoY, and high inflation in Russia.