Gelonghui March 11 | New Mining Resources (01231.HK) announced that according to a preliminary review of the Group's unaudited comprehensive management accounts and other available data for the year ended December 31, 2023, the Group is expected to record a net profit of about US$2.2 million to approximately US$2.5 million during the period, while a net loss of approximately US$2.2 million was recorded for the year ended December 31, 2022 (“same period last year”).
The Group's financial performance improved significantly. On the one hand, it was mainly based on the Group's projected year-on-year increase in iron ore sales during the period, which increased the Group's expected revenue by about 325 million US dollars. On the other hand, the Group managed to overcome the impact of an unexpected rise in the iron ore market index at the end of 2022, which led to the Group confirming a net loss in the same period last year. During this period, the Group successfully grasped the profit potential of the market by implementing approved hedging strategies and hedging tools, increasing the Group's gross profit forecast by approximately US$7 million.