Recently, Luoyang Molybdenum Industry announced that the company expects to realize net profit of 633 million yuan to 773 million yuan in the first half of 2023, a year-on-year decline of 84.74% to 81.36%; to realize net profit of 200 million yuan to 244 million yuan, a year-on-year decline of 94.23% to 92.96%.
In the first half of 2023, the main reason for the significant year-on-year decline in Luoyang Molybdenum’s performance was due to the impact on sales caused by the restriction on the export of TFM’s copper and cobalt products, as well as the decline in the market price of the Company’s phosphorus products as compared to the same period of the previous year. Although the production of the Company’s major copper and cobalt products declined significantly in the first half of 2023 and the export of TFM copper and cobalt products resumed in May 2023, most of the copper and cobalt products have not yet been finalized for sale in the first half of the year due to the logistical cycle in the Democratic Republic of Congo (DRC) and Africa, which affected the Company’s first-half financial performance.
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