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Tianqi Lithium's H1'19 profit slumps YOY on lower prices, higher costs

China's Tianqi Lithium Corp. posted a first half net profit of 193.4 million Chinese yuan, slumping 85.2% from a year ago due to lower lithium prices and higher financial costs, Reuters reported Aug. 22, citing an exchange filing.

The results included a payment of 860.7 million yuan of interest on a loan taken to fund Tianqi Lithium's US$4.07 billion acquisition of a 23.77% stake in Sociedad Quimica y Minera de Chile SA from Nutrien Ltd., the report said.

Revenue fell 21.3% to 2.6 billion yuan, the report said, noting that the company had flagged an 84% fall in first half profit earlier this month.

Second quarter profit came in at 82.1 million yuan, according to Reuters calculations, down 91.8% from a year ago.

The company expects its output of lithium chemical products to exceed 680,000 tonnes this year, the report said.

Tianqi Lithium's Australian unit, Tianqi Lithium Kwinana Pty. Ltd, signed a long-term supply agreement with LG Chem Ltd., without providing details, the report said.

As of Aug. 21, US$1 was equivalent to 7.06 Chinese yuan.