Jiutian Chemical Group has announced that it is expecting to report a net loss for the 1HFY2023 ended June.
This is mainly due to a decline in the average selling prices of its main products — dimethylformamide and methylamine — arising from the industry wide softening of demand, and significant production capacity added by a new competitor since the end of 4QFY2022.
This has been consistent with the company’s 12 month outlook provided in its first quarter results, which has guided that the business environment will remain challenging for the financial year.
The company’s results will be announced around August 14.
Shares in Jiutian closed at 5 cents on July 24.
