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Tibet Mineral expects up to 1,494% YOY surge in Q3 net profit

Tibet Mineral Development Co. Ltd. flagged a year-over-year surge of between 1,430.0% and 1,494.5% in net profit attributable to shareholders for the third quarter.

On Oct. 13, the company said net profit was expected to range between 35.6 million Chinese yuan and 37.1 million yuan, or between 6.84 fen per share and 7.12 fen per share, compared to the 2.3 million yuan, or 0.43 fen per share, posted a year ago.

The company attributed the improved profitability to higher sales volume of lithium products, as it resumed transportation and production at its Zhabuye lithium project in Tibet, China, in June. The miner recorded a net loss of 32.6 million yuan in the first half.

As of Oct. 13, US$1 was equivalent to 6.59 Chinese yuan.