31
Jan
09:00
Ganfeng Lithium expects 70-80% decline in 2023 net profits
China’s Ganfeng Lithium estimates its 2023 net profit to be CNY 4.2 billion ($592 million) to CNY 6.2 billion, representing a decline of roughly 70-80% compared to the prior year, Kallanish learns.
Upon the release of the estimates on 31 January, its stock price dropped 7.93% as of closing.
The company explained its results have been affected by the cyclical nature of the lithium industry. “The growth rate of end-user demand has slowed dow…
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