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Tianqi Lithium Industries Q3 profit climbs 412.7% YOY

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Tianqi Lithium Industries Q3 profit climbs 412.7% YOY

Tianqi Lithium Industries Inc. said its third-quarter normalized net income amounted to 76.1 million yuan, an increase of 412.7% from 14.8 million yuan in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin increased to 13.8% from 5.9% in the year-earlier period.

Total revenue increased 117.5% on an annual basis to 551.2 million yuan from 253.4 million yuan, and total operating expenses grew 45.5% from the prior-year period to 316.4 million yuan from 217.5 million yuan.

Reported net income grew 188.0% on an annual basis to 20.3 million yuan, or 2 fen per share, from 7.0 million yuan, or 0 fen per share.

As of Oct. 26, US$1 was equivalent to 6.35 yuan.