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By Jiahui Huang
Ganfeng Lithium’s third-quarter net profit fell 98% on the year, mainly due to high operating costs.
Net profit for the quarter ended September was 159.7 million yuan ($21.8 million), while revenue fell nearly 43% to CNY7.54 billion, the company said late Monday.
Operating costs rose mainly due to higher raw material costs.
The company said that some of its projects, including Phase II of a 10-gigawatt-per-hour new lithium battery project, saw cost escalation during the period.
Write to Jiahui Huang at [email protected]
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