Newton Resources (HKG:1231) expects a net loss of $2.2 million for the year ending Dec. 31, up from $300,000 a year prior, a Wednesday Hong Kong bourse filing said.

Shares of the mining company were down nearly 2% in Thursday afternoon trading.

The firm attributed the forecast to a reduction in sales and gross profit, as well as a drop in the unit gross profit of iron ore.

The firm has recorded a net loss for the nine months ended Sept. 30.