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Tianqi Lithium Industries Q2 profit climbs 1,340.0% YOY

Tianqi Lithium Industries Inc. said its second-quarter normalized net income was 35 fen per share, a gain of 1,324.2% from 2 fen per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 350.5 million yuan, a gain of 1,340.0% from 24.3 million yuan in the year-earlier period.

The normalized profit margin rose to 36.9% from 6.1% in the year-earlier period.

Total revenue increased 139.1% year over year to 951.6 million yuan from 397.9 million yuan, and total operating expenses grew 30.4% from the prior-year period to 296.2 million yuan from 227.2 million yuan.

Reported net income grew 4,027.6% from the prior-year period to 462.5 million yuan, or 47 fen per share, from 11.2 million yuan, or 1 fen per share.

As of Aug. 22, US$1 was equivalent to 6.64 yuan.