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Newton Resources Warns of Profit Slump in H1

MT Newswires ·  {{timeTz}}

05:47 AM EDT, 07/25/2022 (MT Newswires) -- Newton Resources (HKG:1231) expects to record a profit of not more than $200,000 for the six months ended June 30, compared with $1.2 million in the year-ago period.

The miner said it was adversely affected by the omicron outbreak in the first half of 2022 as the highly contagious variant led to mobility restrictions in China and supply disruptions across the globe.

The company also cited the increased volatility in iron ore prices and reduced demand for iron ores as other reasons for the gloomy forecast, according to a late Friday disclosure.

Price (HKD): $0.61, Change: $0.00, Percent Change: 0.00%

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