According to the Zhitong Finance App, Southern Manganese (01091) announced that it is estimated that the group's profit attributable to the company's owners in 2023 will be approximately HK$54 million to HK$65 million, a year-on-year decrease of 80.7% to 83.9%.
According to the announcement, the main reasons for the reduction in profit are as follows: in 2023, the average sales price of the Group's two main products, namely electrolytic manganese metal and alloy products, decreased compared to 2022 due to the return to normal production after the epidemic, an increase in supply and a decline in overall market demand; in 2023, lithium manganate caused a gross loss due to a sharp drop in prices.