SouthGobi Anticipates Shift to Profit in 2023 After a Year of Losses

SouthGobi Resources Ltd., in a recent announcement, disclosed an expected net profit for the year ending December 31, 2023, marking a significant turnaround from the previous year's net loss. Following a preliminary assessment of its unaudited management accounts, the company projects a net profit no greater than US$1 million for 2023 as opposed to a US$30 million net loss in 2022. The improvement is primarily attributed to increased sales volume and higher average realized selling prices of coal.

The Vancouver-based mining company, which is listed on the Hong Kong Stock Exchange and the TSX Venture Exchange, is in the midst of finalizing its annual results for 2023. It underscores that the presented figures are based on preliminary assessments and have not been audited, suggesting the potential for adjustments. The final annual results, encompassing detailed financial information and performance metrics, are scheduled for release on March 28, 2024. Shareholders and potential investors are advised to exercise caution when dealing with the company's shares.