Despite increased sales, the Chilean lithium producer reported a drop in financials
SQM reported a drop in financials in its September quarter results, as price declines hampered increased sales from the lithium major.For the first three quarters of the year, SQM reported revenues of US$3.5 billion, down almost 44% compared to $6.2 billion for the same period last year. Net loss totalled $524.5 million, or $1.84 per share, compared to net income of $1.8 billion, or $6.33 per share, last year. Gross profit, meanwhile, reached $1 billion, down from $2.
"Iodine demand continued to be strong, leading to an increase in our sales volumes and revenues compared to last year. Prices continued to move up slightly quarter over quarter since the beginning of this year and we have used part of our inventories to answer market needs.""In lithium, we reported sales volumes of more than 51,000t of lithium products, an 18% growth year-on-year, demonstrating strong demand in the market," he added.
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