Mount Gibson reports huge loss

Company News

Mount Gibson Iron Limited (ASX:MGX) has reported a significant net loss of $911.4 million for FY 2015.
 
That was compared to a profit of $96.4 million in the previous corresponding period. 
 
The embattled iron ore miner says it has been a challenging year for the company, due to the collapse of the Koolan sea wall and tumbling iron ore prices.
 
It also says it has embarked on a major cost cutting program, with corporate and administration costs cut by over 50 per cent during the year. 
 
Mount Gibson says it will not pay a dividend due to the company’s results and its desire to preserve future growth options. 

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