Xiamen Tungsten Losses ￥26.26 Million in the First Quarter Due to Tungsten and Cobalt Price Decline

In the first quarter performance statement of Xiamen Tungsten Co.,Limited, the operating revenue is ￥3.814 billion, increases 11.68% compared to the same period of the last year. 

Profit is ￥37.6024 million, decreases 54.92%. Net loss belongs to listed company's shareholders is 26.2605 million, decreases 187.38%. Net loss belongs to listed company's shareholders deduct irregular profits is ￥52.9325 million, decreases 660.09%. Basic loss per share is ￥0.0187.

The main reason that causes the loss of profit is due to the decrease of lithium electric material price, battery material performance also decreases. Tungsten products demand and price also decreases results in the profit loss.

Regarding tungsten business, demand of the first quarter declines along with the price. Profit of tungsten and molybdenum business is ￥74.43 million, declines 33.60%.

Regarding lithium ion battery material, its raw material cobalt price declines along with the price. Profit is ￥-42.08 million, reduces ￥82.87 million.

Regarding rare earth business, the profit in the first quarter is ￥3.83 million, increases ￥24.21 million.

Regarding real estate business, a joint corporate in Chengdu confirmed the income of real estate project, investment profit increases, profit is ￥66.07 million, increases ￥89.88 million.

A the same time, the research and other newly developed investment increases for ￥39.26 million.

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