Shengneng Group (02459) announced interim results with a net loss of US$14.368 million, an increase of 240.2% year-on-year

Zhitongcaijing · 08/30 13:25

According to the Zhitong Finance App, Shengneng Group (02459) announced results for the six months ended June 30, 2024, with revenue of US$32.101 million, down 26.5% year on year; net loss of US$14.368 million, up 240.2% year on year; basic loss of 1.4 cents per share.

Earnings during the period decreased year-on-year, mainly due to the decrease in the average price of graphite electrodes from about US$4,549 per tonne in the first half of 2023 to about US$3,316 per tonne in the first half of 2024. Despite current global economic uncertainty in the first half of 2024, the Group managed to maintain a slight increase in graphite electrode sales of 9682 metric tons in the first half of 2024, compared to 9603 metric tons in the first half of 2023.