Xiamen ITG profit plummets, closes mine amid strategic shift

Xiamen ITG Group Corp (SSE:600755) anticipates a 67.33% year-over-year decrease in net profit attributable to the parent company for 2024, projecting CNY 625.66 million compared to CNY 1.91 billion in the previous year. The primary factor is the early closure of the Xiguling granite mine in Lushan City, Jiangxi Province, operated by its subsidiary Lushan Xiguling New Materials, due to environmental concerns, resulting in a one-time loss of CNY 397 million. The company also forecasts a loss of CNY 125.14 million, before extraordinary items.