Financial Performance - For the six months ended June 30, 2023, total revenue was $215,471 thousand, compared to $108,650 thousand for the same period in 2022, representing a 98.5% increase[21]. - Gross profit for the same period was $6,326 thousand, up from $3,414 thousand in 2022, indicating an increase of 85.9%[21]. - The net profit attributable to the company's shareholders for the six months ended June 30, 2023, was $2,856 thousand, compared to $186 thousand in 2022, reflecting a significant increase of 1,433.0%[21]. - The company reported a total comprehensive income of $2,847 thousand for the six months ended June 30, 2023, compared to $196 thousand in 2022, marking an increase of 1,353.1%[23]. - The company reported revenue of approximately $215.5 million for the period, a significant increase from $108.7 million in the same period last year, primarily driven by iron ore sales from its main supplier, Koolan[73]. - The company achieved a net profit of approximately $2.9 million for the period, compared to $0.2 million in the same period last year, attributed to increased sales of high-grade iron ore and effective hedging strategies[85]. - The gross profit margin slightly decreased to approximately 2.9% from 3.1% in the same period last year, despite an increase in gross profit of about $2.9 million[113]. Assets and Liabilities - Total assets as of June 30, 2023, were $69,882 thousand, compared to $60,871 thousand as of December 31, 2022, showing an increase of 14.8%[8][9]. - Current assets increased to $57,526 thousand from $46,726 thousand, a rise of 23.1%[9]. - Current liabilities rose to $38,986 thousand from $32,717 thousand, an increase of 19.1%[10]. - The total equity attributable to the company's shareholders increased to $30,825 thousand from $27,978 thousand, reflecting an increase of 10.0%[31]. - The company's total liabilities as of June 30, 2023, were approximately $39.1 million, up from $32.9 million as of December 31, 2022, with trade payables and notes accounting for about $26.0 million[86]. - The company reported cash and cash equivalents of approximately $10.3 million as of June 30, 2023, with a net cash position of about $5.8 million after accounting for interest-bearing bank loans[94]. - The company has approximately $271.4 million in undrawn committed financing and trade finance bank credit as of June 30, 2023, down from $405.0 million as of December 31, 2022[123]. Sales and Production - Customer contract revenue from mainland China was $217,698 thousand for the six months ended June 30, 2023, compared to $110,874 thousand in 2022, indicating a growth of 96.3%[39]. - Iron ore sales volume increased by approximately 125% year-on-year, totaling about 1.8 million tons, including approximately 1.4 million tons from Koolan[51]. - Revenue for the period was approximately $215.5 million, representing a growth of about 98% compared to $108.7 million in the same period last year, with sales of approximately 1.8 million tons of iron ore[112]. - The average iron grade of iron ore increased to approximately 65% from 63% in the same period last year[56]. - The average price of 65% iron ore (IO) was approximately $132 per ton during the reporting period, with fluctuations noted; it peaked at about $142 per ton in March 2023 and dropped to approximately $124 per ton by June 2023[107]. Risk Management and Hedging - The company continues to utilize hedging tools such as iron ore futures and swap contracts to manage operational risks associated with commodity price fluctuations[79]. - The group has implemented hedging strategies to manage iron ore market price volatility risks[155]. - The company recognized a net loss of approximately $4.9 million from hedging transactions during the period, compared to a net gain of approximately $1.8 million in the same period last year[109]. Corporate Governance and Structure - The company is a wholly-owned subsidiary of Mount Gibson Iron Limited, which is listed on the Australian Securities Exchange[175]. - The company’s operations are governed by the Corporate Governance Code as per the Listing Rules[170]. - The company has established long-term sales agreements for iron ore with various counterparties[178]. - The company’s independent non-executive directors include Xu Jinghui, Li Junxiong, and Xian Yi[184]. - The company’s executive directors are Zhuang Tianlong and Lu Yuqin[184]. Market Conditions and Future Outlook - The demand for iron ore from steel mills is unlikely to increase further unless there are clearer signs of recovery in steel demand[161]. - The market sentiment has been negatively impacted by flooding in Hebei, China, further weakening steel demand[162]. - The Chinese steel industry is expected to see a 2.5% reduction in steel production in 2023 as part of carbon neutrality goals[133]. - The group continues to optimize its resource business and respond to fluctuations in iron ore shipping prices[134]. - The group aims to diversify its product supply by seeking new iron ore and other commodity sources[134]. - The group has no significant future investment or capital asset plans but will continue to explore potential projects and investment opportunities[157].
新矿资源(01231) - 2023 - 中期业绩