China's Tianqi makes first profit in two years on lithium price rally
China's Tianqi Lithium Corp, one of the world's leading lithium producers. It announced its first net profit in two years on Sunday. Commodity prices used in electric vehicle (EV) batteries rebounded strongly from the protracted slide Chengdu-based Tianqi said in a lawsuit against the Shenzhen Stock Exchange that its net income was 85.8 million yuan ($13.3 million) in the first half of 2021, rebounding from losses. lost 696.6 million yuan in the previous year
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That means second-quarter profit of 333.7 million yuan after a loss of 247.9 million yuan in January-March. This is Tianqi's best quarterly results since the fourth quarter of 2018.Tianqi posted seven consecutive quarterly losses from mid-2019 after lithium prices spiked sharply in three years. which was driven by excess supply This leaves the company running out of capital and facing billions of dollars in default.
but in December The company has received more than $1.4 billion in investments in its Australian operations from IGO Ltd, and has been driven by a nearly tripling increase in lithium carbonate prices over the past 12 months. Due to the demand from the EV sector has returned.First-half revenue was 2.35 billion yuan, Tianqi said in the filing, an increase of 25.13 percent from a year earlier.
This month, Tianqi and IGO produced the first batch of battery chemistry. Lithium hydroxide from the Kwinana plant in Western Australia. which was suspended in early 2020 as the coronavirus outbreak worsened the liquidity of Chinese firms.The company said it expects commissioning more battery plants in the second half to boost lithium demand and expand prices.