UK's Tirupati Graphite falls on weak profits

Total Graphite

10/05/2024 08:32

** Shares of Tirupati Graphite Plc  TGRT.L  down 4.7% to 5
pence, stock among top pct losers across London shares
    ** Reports 62% decrease in FY24 gross profit to £514,846
compared with £1.37 mln in FY23 
    ** Gross profit decline was due to higher operating costs
from simultaneous production start of two final concentrate
units
    ** Co says operations remain impacted as working capital
shortages, resulting in lower production, sales, and higher per
ton costs
    ** Co to address governance concerns by seeking independent
board appointments, splitting CEO and Executive Chair roles for
new Non-Executive Chairman
    ** As of last close, TGRT down 68.5% in last 12 months 
    
    
 
    



 (Reporting by Judes Joseph in Bengaluru)
 ((judes.joseph@thomsonreuters.com;))