Tianqi Lithium (09696) announced results for the first quarter of 2024, with revenue of about 2,585 billion yuan, a year-on-year decrease...
According to the Zhitong Finance App, Tianqi Lithium (09696) announced its results for the first quarter of 2024, with operating income of about 2,585 billion yuan, a year-on-year decrease of 77.42%; net loss attributable to shareholders of listed companies was about 3,897 billion yuan, net profit for the same period in 2023 was about 4.875 billion yuan; basic loss per share.
According to the announcement, the decrease in revenue was mainly due to a sharp drop in sales prices of the company's lithium compounds, derivatives and lithium ore during the reporting period compared to the same period last year. The main reasons for profit and loss were: 1) The average sales price of the company's main lithium products fell sharply during the reporting period compared to the same period last year, and the gross profit of lithium products fell sharply; 2) According to Bloomberg's forecast, the company's affiliate SQM's performance for the first quarter of 2024 will drop sharply year-on-year. At the same time, according to SQM's announcement, it is re-examining the accounting treatment of all tax dispute amounts based on the latest tax litigation ruling and is expected to reduce its net profit for the first quarter of 2024 by approximately $1.1 billion. According to Bloomberg's forecast data, combined with the impact of the SQM tax dispute ruling, the company confirmed during this reporting period that the investment income in the associated company declined sharply compared to the same period last year.