Gelonghui, May 14, 丨 South Gobi (01878.HK) announced that the company recorded operating profit of US$32.1 million in the first quarter of 2024 and US$27.9 million in the first quarter of 2023. Earnings for the first quarter of 2024 were $82.2 million, compared to $61.8 million for the first quarter of 2023. Financial performance was affected by increased sales volume due to the expansion of the sales network and diversification of the customer base.
In the first quarter of 2024, the company recorded sales volume of 1.1 million tons, compared to 600,000 tons in the first quarter of 2023; in the first quarter of 2024, the company recorded an average sales price of 79.5 US dollars per ton, compared to 104.1 US dollars per ton in the first quarter of 2023. The average realized decrease in sales prices was mainly due to changes in the company's product portfolio and falling prices of high-quality semi-soft coking coal and processed coal.