Caixin
Apr 30, 2022 03:48 AM
BUSINESS

CATL Earnings Drop as Battery Giant Posts Large Derivatives Position

CATL reported a 24% drop in first-quarter profits amid Covid disruptions, surging raw material costs and the massive nickel short squeeze.
CATL reported a 24% drop in first-quarter profits amid Covid disruptions, surging raw material costs and the massive nickel short squeeze.

(Bloomberg) — Contemporary Amperex Technology Co. Ltd. posted its sharpest-ever drop in quarterly earnings and disclosed a sizable derivatives liability, the first time since going public that it recorded such a large charge.

Net income fell 24% to 1.49 billion yuan ($226 million) for the three months ended March 31 from a year earlier, CATL, as the Chinese battery giant is better known, said Friday in an exchange filing. First-quarter underlying profit tumbled 41% to 977 million yuan.

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