Summary by Moomoo AI
Southern Manganese Investment Co., Ltd. (“Southern Manganese Industries”) expects its full-year profit to decline significantly in 2023. According to preliminary estimates, the Group expects profit attributable to company owners in 2023 to be between HK$54.0 million and HK$65.0 million, down significantly from HK$336.1 million in 2022. This profit warning is based on unaudited consolidated management accounts and information currently in the possession of the Board of Directors. The Company noted that the main reasons were the decrease in average sales of its two main products, the electrolytic metal manganese and alloys products, as well as a significant decrease in the price of lithium manganate resulting in a gross loss. Southern Manganese will hold a board meeting on March 19, 2024, at which time the annual results will be approved and a final dividend will be considered. Shareholders and potential investors should note that the 2023 Annual Results Announcement will be announced on the same day.