Citic Pacific Special Steel Group (000708) Q3 2024 earnings summary

Executive summary

• Revenue for Q3 2024 was ¥26.50 billion, down 5.66% year-over-year; YTD revenue reached ¥83.50 billion, a 3.37% decrease from the prior year.

• Net profit attributable to shareholders for Q3 was ¥1.11 billion, down 16.77% year-over-year; YTD net profit was ¥3.84 billion, a 12.30% decline.

• Cash flow from operating activities in Q3 was ¥4.03 billion, a 25.66% decrease year-over-year.

Financial highlights

• Gross margin and other profitability metrics declined, with basic EPS at ¥0.22 for Q3 (down 16.67%) and ¥0.76 YTD (down 12.34%).

• Total assets at quarter-end were ¥113.04 billion, down 2.98% from year-end 2023.

• Shareholders' equity increased 2.71% to ¥39.65 billion since year-end.

• Non-recurring gains included government subsidies, debt restructuring gains, and reversal of bad debt provisions.

Key financial ratios and metrics

• Weighted average ROE for Q3 was 2.84%, down 0.82 percentage points; YTD ROE was 9.85%, down 2.13 percentage points year-over-year.

• Diluted EPS for Q3 was ¥0.217, down 16.54% year-over-year.