Summary by Moomoo AI
TIEJIANG FIELD CO., LTD. (“TIEJIANG SPOT”) ISSUED A PROFIT WARNING ON MARCH 20, 2024, AND ANNOUNCED THAT THE FINANCIAL PERFORMANCE FOR THE YEAR ENDED DECEMBER 31, 2023 WILL BE LESS THAN EXPECTED. The company is expected to record a profit from owners of between $5 million and $10 million, down from $15 million in the same period last year. The decrease was mainly due to lower iron ore market prices, which led to a decrease in the sales price of K&S products. In addition, the company may need to make provision for impairment losses at the K&S mine of approximately $164 million, mainly due to increased production costs and changes in iron ore prices. The Company emphasizes that impairment charges are non-cash and non-recurring in nature and do not directly affect cash flow. The Board of Directors reminds shareholders and investors that these preliminary data have not yet been audited by auditors and that the final data may be adjusted. The Company will announce its annual results on 27 March 2024 in accordance with the listing rules.