China-based Daming International’s sales in Q1 2020 (Jan-March) fell by 16.7pc to 34.209mn mt from the prior-year period. Processing volume fell by 11.5pc to 31.307mn mt in the quarter. The decline in processing and sales in the period was a result of COVID-19 outbreak globally.
In the period, the company recorded a net loss of CNY30mn ($4.23mn) from a net profit of CNY46mn in the prior-year quarter. In Q1 2020, revenue from the manufacturing business increased by around 1.8pc to CNY298.3mn.