China Vanadium Titano-Magnetite Mining Company Limited provided earnings guidance for the year ended 31 December 2022. For the year, it is expected that the Group will record (i) profit for the year from its continuing operations (the "Operating Profit") of not more than RMB 1.2 million, as compared to that of RMB 1.0 million for the year ended 31 December 2021 ("FY2021"); and (ii) profit attributable to the owners of the Company (the "Net Profit") of not more than RMB 1.5 million, as compared to that of approximately RMB 8.3 million (which included a non-recurring gain on disposal) for FY2021. The Operating Profit for FY2022 is expected to improve slightly due mainly to (i) higher sales volume of high-grade iron concentrates; (ii) maiden revenue contribution from the facility management services; and (iii) guarantee fees income, but the effects of which were negated
by (i) lower average unit selling price for both iron ore and steel products given weak market sentiment; (ii) additional logistic costs for new storage facilities; and (iii) higher professional fees incurred for several corporate transactions initiated during the year. However, the Net Profit for FY2022 is expected to fall in the absence of a non-recurring gain on disposal which was recognised in FY2021.