SouthGobi Forecasts Swing to Loss in H1; Shares Slide 3%
MT Newswires Live
Aug 12
SouthGobi Resources (HKG:1878) expects to post a net loss attributable to equity holders of $44.1 million to $53.9 million for the six months ended June 30, swinging from a $10.2 million profit a year earlier, the company said in a Monday Hong Kong bourse filing.
Revenue is projected at $250.3 million to $306.0 million, up from $175.0 million, driven by higher sales volume.
The loss was attributed to lower average selling prices, a shift to higher-cost processed coal, and a $12.3 million impairment on coal stockpiles.
Shares of the coal miner were down nearly 3% in Tuesday morning trade.
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