Gulf Resources reports Q2 net loss of $0.07/share; bromine prices down 74% from peak

GULF RESOURCES, INC.

Q2 net loss of $681,816 ($0.07 EPS) vs. profit of $3.9M ($0.37 EPS) a year ago; revenue fell 49% to $8.0M.
Six-month net loss of $1.24M ($0.12 EPS); revenue $17.3M, down 30% YoY on weak bromine demand.
Bromine price fell to RMB 18,000/tonne on June 30 from RMB 69,500 in Oct 2021; price since recovered 34% to RMB 24,200.
Cash from operations of $11.0M in H1; cash balance $115.3M ($11.05/share); net net cash $97.2M ($9.32/share).
Company delaying approval for two idle bromine factories and equipment delivery for Yuxin Chemical until market improves.

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