Jiutian Chemical issues profit warning, expects net loss for FY2023

Jovi Ho02-15

Jiutian has not announced when it will release its FY2023 results, but its Board says it will do so no later than Feb 29.Jiutian Chemical Group has issued a profit warning for FY2023 ended Dec 31, ...

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Ltd.\nJiutian has not announced when it will release its FY2023 results, but its Board says it will do so no later than Feb 29. The company announced its previous set of full-year results, for FY2022, on Feb 28, 2023. \nJiutian announced on Jan 13 its plans to spend RMB1.6 billion ($296.96 million) in a bid to broaden its product offerings and gain better control over its supply chain.\nThe Singapore-listed company, based in China's Henan Province, currently produces dimethylformamide and methylamine, sodium hydrosulfate and dimethylacetamide (DMAC). \nJiutian plans to expand into producing and selling synthetic ammonia by tapping on the right to undertake such a project in Henan now held by Anyang Chemical Industry Group, deemed as its controlling shareholder.\nIn its business update for 3QFY2023 ended Sept 30, 2023, Jiutian reported a net loss of RMB68.6 million, from earnings of RM93.5 million recorded a year prior. Sales in the same period plunged by 85% y-o-y to RMB80.2 million.\nShares in Jiutian closed flat at 2.5 cents on Feb 15.","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":2,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2411503472"}