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Higher revenue helps Lynas narrow H1 losses

Higher revenue helps Lynas narrow H1 losses

Photo by Bloomberg

1st March 2017

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

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PERTH (miningweekly.com) – Australian rare earths miner Lynas has narrowed its loss for the half-year ended December 31, on the back of increased revenues.

ASX-listed Lynas this week reported that the gross loss for the period had decreased from the A$19.3-million reported at the end of 2015, to A$2.9-million, on the back of revenues having increased from A$93.2-million to A$114.6-million.

Earnings before interest and taxes decreased by A$20.9-million, compared with the previous corresponding period, in part due to an increase in sales, Lynas reported.

Mineral sands production for the first half of the 2017 financial year reached 2 506 t, which was up from the 1 905 t produced in the same period last year, with total ready-for-sale production of rare earth oxide at 7 579 t, compared with 6 337 t in the previous corresponding period.

Edited by Creamer Media Reporter

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