Tianqi lithium industry reported a net profit of 200 million in the first half of the year, down 84% from a year earlier.

SMM8 12-month news: recently, Tianqi lithium industry released first-half results KuaiBao said that the first half of the company is expected to achieve operating income of 2.59 billion yuan, down 21.3% from the same period last year; to achieve a mother net profit of 206 million yuan, down 84.3% from the same period last year; the first half of the year's results are in line with the company's 2019Q1 quarterly report forecast. 2019Q2 achieved operating income of 1.25 billion yuan, down 22.7 percent from the same period last year and 6.3 percent from the previous month, and realized a net profit of 94.33 million yuan, down 85.5 percent from the same period last year and 15.4 percent from the previous month.

Tianqi lithium said the decline in lithium prices, coupled with the financial costs of M & A loans, led to a sharp decline in the company's performance compared with the same period last year. On the one hand, in the first half of 2019, the company lithium carbonate 44%, lithium hydroxide down 14.6%, directly leading to a sharp drop in lithium salt gross profit rate. The company's actual lithium salt sales in the first half of the year rose 17.7% from a year earlier to 19400 tons. But as prices fell, gross profit margins fell 17.9 percentage points from a year earlier. As for spodumene, the company sold 190000 tons in the first half of the year, down 10.8% from a year earlier, and the selling price was basically maintained compared with the same period last year. However, due to the company's lithium chemical products increased year-on-year sales, self-consumption is expected to increase. On the other hand, M & A loans are a drag on the company's performance. 2019H1 company spent a total of 861 million yuan on the interest of M & A loans, but the recognition of SQM investment income is only 276 million yuan, there is a gap of 585 million yuan, which directly affects the net profit of the company.

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