Ganfeng Lithium Q3 profits crash on lower prices, fair value loss

Ganfeng Lithium Q3 profits crash on lower prices

* Lithium producer posts Q3 profit of 33.4 mln yuan, -86.5% y/y

* Result is Ganfeng’s worst since net loss in Q4 2016

* Company sees full-year earnings declining by 55-65%

By Tom Daly

BEIJING, Oct 28 (Reuters) – China’s Ganfeng Lithium said on Monday its net profit slumped 86.5% year-on-year in the third quarter as a sharp drop in the value of its financial assets exacerbated a fall in prices for the metal used in electric vehicle batteries.

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