Shares of Tianqi Lithium, a leading Chinese lithium products maker, soared by 10.8% on Thursday, October 25, 2024, in Hong Kong trading. The stock's rally came despite the company's warning of an expected net loss for the third quarter of 2024.
According to its latest financial updates, Tianqi Lithium forecasts a net loss attributable to shareholders in the range of 320 million yuan to 640 million yuan ($45 million to $90 million) for the three months ended September 30, 2024. This marks a significant swing from the net profit of 1.65 billion yuan recorded in the same period last year, primarily due to volatility in the lithium market and lower sales prices.
However, the company's production and sales volumes of lithium compounds and derivatives saw substantial year-over-year and quarter-on-quarter growth in the first three quarters and the third quarter of 2024, respectively. This strong operational performance, coupled with lower production costs contributing to narrowing losses in the second and third quarters, likely fueled investor optimism and drove the stock's surge.
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