Tibet Mining reports a decrease of 69% in Q1 2017 operation revenue
2017-04-27 16:58:57 [Print]
According to the Q1 2017 financial report released by Tibet Mining (000762) on the evening of April 25, the company realized an operation revenue of RMB60
. 39 million (USD8 . 76 million) in the first quarter of 2017, down by 69% YOY; and realized a negative net profit of RMB22 . 53 million (USD3 . 27 million), while in the same period of last year its net profit was RMB23 . 43 million (USD3 . 40 million) . Reasons for the decreasing operation revenue included the following facts: it is located in a high altitude region as a mining company, and the reporting period was its winter shutdown season; meanwhile, as it held no ferrochrome stocks in early 2017 while lithium concentrates it produced were not delivered to the processing plant, its production of lithium salts were affected to some extent.