GREENTECH INTL (00195) released its mid-year performance for 2024, with a net profit attributable to shareholders of HK$15.823 million, a decrease of 22.1% year-on-year.

GREENTECH INTL (00195) released its performance for the six months ended June 30, 2024, with a revenue of HK$509 million, representing a year-on-year growth of 29.7%. The attributable profit to the owners of the company was HK$15.823 million, a decrease of 22.1% compared to the same period last year. Earnings per share were 1.2 HK cents. The gross profit for the period was HK$122.6 million (for the six months ended June 30, 2023: HK$89.353 million). The increase in gross profit was due to higher tin production and an increase in average prices during the period. The group continued exploration work at the Renison underground mine to uncover tin resources. Exploration in the Bell 50 area continued, and ongoing drilling confirmed the extension of the high-grade ore zone from Area 5 to the Bell 50 area. As of June 30, 2024, the total indicated, controlled, and inferred resources at the Renison underground mine were 20.15 million tonnes with a tin grade of 1.45%. An additional underground drilling rig has been mobilized to drill extensions targets on-site. These extension drilling activities, along with current surface Ringrose drilling, are expected to continue to contribute to the sustained growth of mineral resources. The increased tin content in the Renison underground mine provides the group with greater potential for production capacity.