BRIEF: JL Mag profit jumps over 20% in first quarter

Rare-earth magnetic materials producer JL Mag Rare-Earth Co. Ltd. (6680.HK; 300748.SZ) announced on Wednesday its revenue rose 16.05% year-on-year in the first quarter to 2.04 billion yuan ($299 million), while its net profit increased 20.09% to 193 million yuan.

Its net profit after deducting non-recurring items rose 65.95% to 176 million yuan. Excluding share-based payment expenses, its net profit reached 235 million yuan, up 44.57%, while its adjusted net profit after deducting non-recurring items increased 106.82% to 219 million yuan.

The company said it was confronted with declining new energy vehicle (NEV) sales and volatility in NdPr prices during the period, but maintained steady growth through technological innovation, digital development and lean management.

Shares of JL Mag opened higher on Thursday but gave up gains, trading at HK$19.88 by the midday break, down 3.68%. The stock has risen about 7.8% so far this year.

By Lee Shih Ta

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