IRC(01029) issues a profit warning, anticipating that the company's attributable loss for 2024 will be approximately 20 to 30 million US dollars, a turnaround from a profit to a loss year-on-year.

IRC (01029) announced that the group expects the company's net loss attributable to owners in 2024 to be around 20-30 million US dollars, while the net profit attributable to owners in 2023 was 7 million US dollars (excluding asset impairments). The announcement stated that the main reasons for the deteriorating performance expectations are: a decrease in production and sales volume of K&S due to issues with ore quality and mining. Sales for the 12 months of 2024 are expected to decrease by 7.4% compared to the same period in 2023; the market price of iron ore has dropped. The selling price of K&S products is determined based on the Platts spot price for 65% iron concentrate. In 2024, the average Platts spot price for 65% iron concentrate was $123 per ton, a 6.8% decrease from the $132 per ton obtained in 2023; and geopolitical issues have led to high inflation in Russia. As the group mainly operates in Russia, the high inflation rate has led to increased costs. Please note that the company is still evaluating whether an impairment loss allowance needs to be recognized or reversed on December 31, 2024 (impairment loss of $164 million on December 31, 2023).