China Rare Earth Resources And Technology (000831) Q3 2024 earnings summary

Executive summary

• Revenue for the first nine months of 2024 was ¥1.95 billion, down 45.03% year-over-year due to lower rare earth product prices and adjusted sales strategies.

• Net loss attributable to shareholders was ¥203 million, compared to a net profit of ¥312 million in the same period last year.

• Gross margin and profitability declined sharply, with significant inventory write-downs impacting results.

Financial highlights

• Operating income for the first nine months was ¥1.95 billion, down from ¥3.55 billion year-over-year.

• Net loss attributable to shareholders was ¥203 million, a decrease of 165.14% from the prior year.

• Basic and diluted EPS were both -¥0.1913, compared to ¥0.3177 last year.

• Net cash flow from operating activities was -¥595 million, a significant decline from ¥290 million last year.

• Total assets at period end were ¥5.22 billion, down 5.74% from the start of the year.

Outlook and guidance

• The company plans to increase its shareholding by at least ¥240 million and up to ¥480 million within six months starting July 2024.