On January 15, GLONGHUI | Dragon Resources (01712.HK) announced that the Group is expected to record a net profit of about 4.2 million Australian dollars to 5.5 million Australian dollars for the year ended 31 December 2023, an increase from 2.5 million Australian dollars net profit after tax for the year ended 31 December 2022.
Net profit after tax has improved compared to the corresponding period, mainly due to the sale of the company's interests in the Kutuvuoma gold project and the Silassekä vanadium project in northern Finland at a cost of 5 million euros, partially offset by (a) cost increases and price increases associated with deep mining (including additional ground support, additional chemicals and reagents used to process ores and concentrates); (b) the following currencies (i.e. USD/SEK, AUD/HKD) during the reporting period (i.e. USD/SEK, AUD/HKD) Fluctuations, leading to foreign exchange losses increase; and (c) increase in depreciation and amortization expenses associated with a decrease in ore reserves.