Tianqi Lithium Net Profit Falls on Lower Lithium Product Prices
By Amanda Lee
Tianqi Lithium's net profit fell sharply last year due to a decline in selling prices of lithium products, impairment losses and lower income from its associates.
The Chinese lithium producer said late Wednesday that net profit fell to 7.23 billion yuan (US$1.0 billion) in 2023 from CNY23.94 billion the previous year.
Revenue, however rose marginally to CNY40.45 billion from CNY40.17 billion.
The slight increase in revenue was mainly from its lithium concentrate unit, which is primarily involved in mining, production and sales of lithium concentrates.
Revenue from lithium compounds and derivatives, which mainly includes metal and compounds, fell during the year, the company said.
Write to Amanda Lee at amanda.lee@wsj.com
(END) Dow Jones Newswires
March 27, 2024 21:37 ET (01:37 GMT)
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