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Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited
take no responsibility for the contents of this announcement, make no representation as to
its accuracy or completeness and expressly disclaim any liability whatsoever for any loss
howsoever arising from or in reliance upon the whole or any part of the contents of this
announcement.
(Incorporated in Hong Kong with limited liability)
(Stock code: 1029)
PROFIT UPDATE IN RESPECT OF THE FINANCIAL YEAR ENDED
31 DECEMBER 2021
Wednesday, 9 February 2022: This announcement is made by IRC Limited (“IRC” or the
“Company”, together with its subsidiaries, the “ Group”; Stock Code 1029) pursuant to Rule
13.09 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong
Limited and the Inside Information Provisions of Part XIVA of the Securities and Futures
Ordinance (Chapter 571 of the Laws of Hong Kong).
The board of directors of the Company (the “Board”) wishes to inform the shareholders of the
Company (the “Shareholders”) and potential investors that:
• based on the preliminary assessment of the Group’s most recent unaudited consolidated
management accounts and the information currently available to the Board and before
taking into account any possible adjustments (including but not limited to provision for
assets impairment losses) in connection with the finalisation of the annual results of the
Group for the year ended 31 December 2021, the Group is expected to record a profit
attributable to Shareholders for the twelve months ended 31 December 2021 of between
approximately US$115 million to US$125 million (corresponding period in 2020
excluding reversal of assets impairment losses: profit of US$24.8 million); and
• based on the information currently available to the Board, the Board expects that the
Group may be required to recognise a provision for asset impairment loss for the K&S
mine as at 31 December 2021. However, this still needs to be determined and agreed
by the Board and to be audited by the auditor of the Company. The recognition of a
provision for asset impairment loss, if needed, could significantly adversely affect the
Group’s financial performance for the year ended 31 December 2021.
The Board considers that the expected improvement in the Group’s underlying financial
performance compared to the year ended 31 December 2020 is mainly due to the significant
increase in the average iron ore price in 2021. The selling price of K&S’s product is
determined with reference to the international Platts spot price of 65% iron ore concentrate.
The average Platts spot price of 65% iron ore con centrate in 2021 was c.52.5% hi gher than
that of 2020, although the price has significantly decreased during the month of December
2021.
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