Chinese energy storage raw materials company Ganfeng Lithium has issued a profit warning to investors.
The business, which extracts the raw materials for lithium-ion batteries and sells lithium-related products, announced to the Hong Kong Stock Exchange total profits for 2019 are expected to plummet 65%, from RMB1.39 billion (US$199 million) in 2018 to RMB485 million.
The company, which last month spelled out how the COVID-19 outbreak was affecting some of its Chinese operations, apparently issued the update on Friday although the financials page of the exchange appeared to be suffering a glitch at the end of last week which mangled the dates of recent company updates.
Ganfeng blamed a plummeting lithium salt price for the setback, which is expected to come despite an anticipated near-6% rise in revenue last year, to RMB5.28 billion.
Raw material sourcing
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