BRIEF: Tianqi swings to red on falling lithium prices
9696.HK
002466.SHE
Tianqi Lithium Corp. (9696.HK; 002466.SZ) announced on Thursday it expects to report a net loss of 640 million yuan ($89.9 million) in the third quarter of this year, reversing a net profit of 1.65 billion yuan in the same period of last year. In addition, the company said it will swing from a profit to a loss of up to 5.85 billion yuan for the first three quarters of 2024.
The decline in Tianqi’s results was mainly due to fluctuations in the lithium market and a sharp decline in the overall market price of lithium products during the period. Tianqi’s Hong Kong-listed shares rose 9.8% to HK$27.45 in early Friday morning trade.
By A. Au
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