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ChinaVTM Mining (00893) expects lower pre-tax 1H loss
19 Aug 2019
(Infocast News) China Vanadium Titano-Magnetite Mining (00893) expects to: (1) record net profit for the Remaining Group (which is the the China Vanadium Titano-Magnetite Mining group excluding the Disposal Group) as a result of increased market demand, higher average selling prices, improved efficiencies for the high-grade iron concentrates and change in product mix for its trading business; and (2) continue to record a loss for the Disposal Group (which is the Huili County Caitong Iron and Titanium Co. group) as a result of (i) an increase in average cost per unit due mainly to higher compliance cost; and (ii) the impairment losses given continued loss making status for the operations of low-grade iron concentrates.

Despite the fact that an estimated gain on disposal has not been recorded for the first half of 2019, the China Vanadium Titano-Magnetite Mining group is likely to record a substantially lower net loss before tax of not more than RMB55.0 million for the first half of 2019 (first half of 2018: RMB388.3 million).

(WL)
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