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Tibet Mineral expects up to 47.8M yuan net loss for Q3

Tibet Mineral Development Co. Ltd. expects to record a net loss of between 32.8 million and 47.8 million Chinese yuan for the three months ended Sept. 30, compared to a net profit of 37 million yuan reported a year earlier.

The company said Oct. 12 that basic loss per share for the three months is expected to range between 6.29 and 9.17 fen, compared to EPS of 7.11 fen in the year-ago period.

Tibet Mineral also expects a net loss of 70 million to 85 million yuan for the first three quarters, compared to a net profit of 4.4 million yuan in the comparable period.

The company's earnings were hurt by a drop in lithium carbonate prices, a pay rise for its employees and high environmental protection costs.

As of Oct. 12, US$1 was equivalent to 6.92 Chinese yuan.