New Mineral Resources (01231) announced its 2023 results, with revenue of about US$526 million, an increase of about 1.6 million...
According to the Zhitong Finance App, New Mining Resources (01231) announced its 2023 results, with revenue of about US$526 million, an increase of about 1.6 times over the previous year. Company holders should have accounted for profit of USD 2.373 million and losses of USD 2.36 million in 2022; earnings of 0.06 US cents per share.
According to the announcement, financial results improved significantly in 2023, mainly due to the year-on-year increase in the Group's iron ore sales volume during the reporting period, which contributed to an increase of about US$324.6 million in the Group's revenue. 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 a sharp drop in gross profit and net losses confirmed by the Group in the same period last year. During the reporting period, the Group successfully seized potential profit opportunities in the market by implementing approved hedging strategies and hedging tools, increasing the Group's overall gross profit by approximately US$7.1 million.