Summary by Futu AI
TIEJIANG FIELD CO., LTD. (“TIEJIANG SPOT”) ANNOUNCED ITS 2023 ANNUAL RESULTS WITH AN UNDERLYING PROFIT OF $870 MILLION, BUT RECORDED A NET LOSS OF $1.57 MILLION AFTER DEPRECIATION PROVISIONS. A conference call to discuss the annual results will be held today. Revenue fell 9.2 percent to $2.53 billion, driven by a drop in the market price of iron ore. EBITDA decreased to $4580 million and shareholders incurred a loss of $1.568 million, mainly due to non-cash impairment of $1.639 million. Cash balance increased to $5660 million and net debt decreased to $1120 million. Production fell 4% and sales fell 1.5%, but rail congestion was alleviated by transportation by the Amur River Bridge. Company Chairman Nikolai Levitskii said that 2023 will be challenging and the company faces many challenges, but the strengthening financial situation lays the foundation for future development. The company is in transition and expects the Sutara mine to start operating in the first half of 2024.