Xizang Mineral Development (000762) Q3 2024 earnings summary

Executive summary

• Revenue for Q3 2024 was ¥194.96 million, down 29.24% year-over-year, while net profit attributable to shareholders was ¥41.17 million, a 53.10% decrease from the same period last year.

• For the first nine months, revenue reached ¥587.18 million, up 5.06% year-over-year, and net profit attributable to shareholders was ¥152.22 million, up 34.62% year-over-year.

• Cash flow from operating activities for the first nine months was ¥392.03 million, a 7.37% increase year-over-year.

Financial highlights

• Gross margin was pressured by a significant increase in operating costs, which rose 118.55% year-over-year for the nine-month period.

• Basic and diluted EPS for Q3 were ¥0.079, down 52.98% year-over-year; for the nine months, EPS was ¥0.2921, up 34.61% year-over-year.

• Total assets at period end were ¥7.26 billion, down 10.82% from the previous year-end.

• Owner's equity attributable to shareholders increased 3.64% to ¥2.99 billion.

• Non-recurring gains for the nine months totaled ¥17.10 million, mainly from government grants and fair value changes.

Segment performance

• Increased sales volume of chromite contributed to higher net profit for the nine-month period.

• Lithium salt production costs rose due to higher mining rights amortization.