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Tianqi Lithium Industries Q2 profit climbs 60.9% YOY

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Tianqi Lithium Industries Q2 profit climbs 60.9% YOY

Tianqi Lithium Industries Inc. said its second-quarter normalized net income amounted to 2 fen per share, a gain of 61.7% from 1 fen per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 22.8 million yuan, a gain of 60.9% from 14.2 million yuan in the prior-year period.

The normalized profit margin rose to 6.1% from 3.8% in the year-earlier period.

Total revenue increased 7.6% on an annual basis to 397.9 million yuan from 369.7 million yuan, and total operating expenses decreased 24.8% on an annual basis to 227.2 million yuan from 302.0 million yuan.

Reported net income declined 40.7% year over year to 11.2 million yuan, or 1 fen per share, from 18.9 million yuan, or 2 fen per share.

As of Aug. 21, US$1 was equivalent to 6.39 yuan.