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Xiamen Tungsten Forecasts 129% H1 Profit Growth; Shares Down 6%

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Xiamen Tungsten (SHA:600549) forecasted first-half attributable net profit of about 2.22 billion yuan, compared with 969.3 million yuan the previous year.

The 129% rise is attributed to proactive pricing adjustments in response to rising raw material costs for tungsten, cobalt, lithium carbonate and rare earths, alongside steady sales growth in alloy bars, cutting tools, battery cathode materials, and magnetic products, according to a Wednesday filing with the Shanghai bourse.

Shares of the tungsten carbide manufacturer fell 6% in recent trade.

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