China's Tianqi Lithium Corp, one of the world's top producers of lithium chemicals for electric vehicle batteries, on Friday reported its highest quarterly net profit since late 2018 thanks to higher lithium prices and one-off gains.
Chengdu-based Tianqi had returned to profit in the second quarter of 2021 after a downturn in lithium prices and liquidity shortages left the company in financial trouble and saw it post seven straight quarterly losses. The lithium market has also rebounded strongly, with battery-grade lithium carbonate prices in China more than doubling in July-September amid booming electric vehicle demand and now at a record high of 192,500 yuan a tonne.
Daiwa Capital Markets analysts noted, however, that revenue was up only 5per cent from the second quarter despite the surge in lithium prices. They cited Tianqi management as saying there was no drop in sales volumes and a bigger impact on revenue would be seen in the fourth quarter.
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