IRC (HK:1029) has released an update.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
IRC Limited reports a challenging first half of 2024 with a net loss of US$13.2 million, attributed to a decline in production and sales volumes due to ore quality and mining issues. Revenue fell to US$112.3 million, a significant drop from the previous year, with increased cash costs and high inflation impacting profitability. Despite these setbacks, the company remains focused on its new Sutara mining pit, which is expected to improve ore quality and extend mine life.
For further insights into HK:1029 stock, check out TipRanks’ Stock Analysis page.