CGN Mining profit to rise but net income to fall

CGN Mining Company Limited (HKEX: 1164) announced that it expects profit before taxation to increase by HK$230 million to HK$280 million for the year ended December 31, 2024, compared to 2023, driven by higher natural uranium prices boosting joint venture and associate profits. However, the company anticipates a net profit decrease of approximately HK$130 million to HK$180 million over the same period. The projected net profit fall is primarily attributed to increased income tax expenses linked to rising tax costs in Kazakhstan and to a loss from discontinued operations after Paladin Energy's acquisition of Fission Uranium Corp. The company cautions shareholders and potential investors to exercise caution when dealing in company shares. The annual results are expected to be released by the end of March 2025.