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.