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Tianqi Lithium Industries Q1 profit climbs 883.1% YOY

Tianqi Lithium Industries Inc. said its first-quarter normalized net income amounted to 37.2 million yuan, an increase of 883.1% from 3.8 million yuan in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin climbed to 10.4% from 1.4% in the year-earlier period.

Total revenue climbed 29.1% year over year to 357.7 million yuan from 277.1 million yuan, and total operating expenses climbed 12.6% from the prior-year period to 267.7 million yuan from 237.6 million yuan.

Reported net income totaled 29.8 million yuan, or 3 fen per share, compared with a loss of 1.5 million yuan, or a loss of 0 fen per share, in the prior-year period.

As of April 16, US$1 was equivalent to 6.19 yuan.