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Ganfeng Lithium's H1'19 profit down 59.3% YOY on lower prices

Ganfeng Lithium Co. Ltd. posted first-half attributable net earnings of 297.2 million Chinese yuan, or 23 fen per share, dropping 59.3% from 730.2 million yuan a year ago, or 66 fen per share.

Lower lithium prices, fewer government grants and increased expenses weighed on the result, according to an Aug. 28 release.

Revenue for the six-month period ending June 30 increased 25.1% to 2.80 billion yuan, driven by a rise in sales volumes thanks to the unleashing of capacity and stable demand in downstream markets, partially offset by lower prices.

Ganfeng Lithium recently increased its stake in the Cauchari-Olaroz lithium brine project in Argentina to 50% from 37.5% after completing a US$160 million investment into its Minera Exar SA joint venture with Lithium Americas Corp.

As of Aug. 28, US$1 was equivalent to 7.16 yuan.