Ganfeng Lithium's sales volume and average sales price rose as the market demand for lithium products increased due to the rapid development of the new energy industry.
Chinese lithium giant Ganfeng Lithium expects a third-quarter net profit of RMB 7.05 billion ($979 million) - 8.05 billion, up 567.19 percent - 661.88 percent from RMB 1.06 billion a year earlier, according to an October 15 announcement.
Ganfeng expects third-quarter net profit after non-recurring gains and losses to be RMB 5.27 billion - 6.27 billion, an increase of 788.94 percent - 957.70 percent from RMB 593 million in the same period last year.
The company expects third-quarter earnings per share to be RMB 3.50 - RMB 4.00, up from RMB 0.73 in the same period last year.
For the first three quarters, Ganfeng expects net profit to be RMB 14.3 billion - RMB 15.3 billion, up 478.29 percent - 518.73 percent from RMB 2.47 billion in the same period last year.
After deducting non-recurring gains and losses, Ganfeng expects net profit for the first three quarters to be RMB 13.3 billion - RMB 14.3 billion, an increase of 478.29 percent - 518.73 percent from RMB 1.43 billion in the same period last year.
Ganfeng expects to report earnings per share of RMB 7.10 - 7.60 for the first three quarters, up from RMB 1.77 for the same period last year.
With the rapid development of the new energy industry, the market demand for lithium products has increased, Ganfeng said.
The price of lithium products rose, the company's product sales and average sales price increased year-on-year, and new projects in the field of lithium batteries were put into operation and production capacity was gradually released, allowing significant growth in results, Ganfeng said.
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