Chongqing Iron & Steel Company (1053) Q3 2024 earnings summary

Executive summary

• Report covers the third quarter of 2024, with unaudited financial statements and confirmation of accuracy by management.

Financial highlights

• Revenue from operations for Q3 2024 was RMB 5.51 billion, down 38.88% year-over-year; year-to-date revenue was RMB 20.60 billion, down 31.37%.

• Net loss attributable to shareholders for Q3 2024 was RMB 660.54 million; year-to-date net loss was RMB 1.35 billion.

• Basic and diluted EPS for Q3 2024 were both -0.07 RMB; year-to-date EPS was -0.15 RMB.

• Net cash flow from operating activities for the first nine months was RMB 1.09 billion, up 124.53% year-over-year.

• Total assets at quarter-end were RMB 35.91 billion, down 3.86% from year-end 2023.

• Owners' equity attributable to shareholders decreased 7.05% from year-end 2023.

Outlook and guidance

• Revenue and profit declines attributed mainly to lower sales volume and prices of commodity billet.