CGN Mining plunges to HK$67.57m loss in H1 2025 as revenue declines 58%

CGN Mining Company Limited announced an unaudited consolidated loss of HK$67.57 million for the six months ended 30 June 2025. This is a significant decrease compared to a profit of HK$113.12 million in the same period of 2024. Revenue also saw a sharp decline of 58%, falling to HK$1,708.68 million from HK$4,072.65 million in H1 2024. Basic loss per share was HK(0.89) cents, down from HK1.49 cents in the prior year. The Board did not recommend an interim dividend.

The revenue decline was primarily attributed to limited new trade opportunities in the natural uranium market and a decrease in unit selling prices, impacted by significant fluctuations in international trade contract prices. These factors, coupled with higher unit costs of sales due to the weighted average cost method for inventories, led to a reduction in gross profit from natural uranium trading. The group's share of results from joint ventures and associates also decreased due to a fall in the spot price of natural uranium.

Total assets increased by 9% to HK$8,579 million as of 30 June 2025, up from HK$7,842 million at 31 December 2024. However, total liabilities rose by 20% to HK$4,709 million, from HK$3,921 million. The gearing ratio (total liabilities/total equity) reached approximately 122% as of 30 June 2025, compared to 100% at the end of 2024.