Sina Finance News
China Tungsten High-Tech: The net profit attributable to the parent company in Q3 2022 was RMB168 mln, down by 17.94% y-o-y. In the first three quarters of 2022, the Company achieved revenues of RMB 9.97 bln, up by 2.91% y-o-y. Net profit attributable to shareholders of the listed company was RMB 399 mln, up by 0.25% y-o-y.
The decline of RMB 570 mln from the previous quarter in Q3 2022, can be attributed to shrinking trading revenue. Prices of concentrates, APT, and tungsten powders started to fall in Q2 and continued into Q3 2022, contracting trading revenue by RMB 400 mln. Meanwhile, production suspensions of China Tungsten’s subordinate company in Sichuan amid power supply shortages during August also dented production of molybdenum and tungsten production as well as business revenues during the period.