Magnesium Technology (00601) announced interim results. Loss attributable to shareholders of HK$79.93 million narrowed 29.71% year-on-year

According to the Zhitong Finance App, Magnesium Technology (00601) announced its 2024 interim results. The group achieved revenue of HK$106 million during the period, an increase of 3.35% over the previous year; losses attributable to company owners were HK$79.53 million, a year-on-year decrease of 29.71%; and a basic loss of HK13 cents per share.

According to the announcement, total sales increased from 4,745 tons in the same period in 2023 to 6,236 tons during the period. Magnesium prices in the market have been low for 3 years, continuously challenging the cost line. Profits are under pressure, demand is weak, and the overall atmosphere in the magnesium industry is sluggish, showing a loss trend throughout the industry.