Mineral sands miner Iluka Resources Ltd
(ASX:ILU) has reported a net loss of $55.8 million for the first half of 2009, and says that the expected improvement in its earnings has been delayed due to the economic crisis.
Iluka’s loss compares to a profit of $15.6 million in the first half of 2008.
Revenue fell 57 per cent to $182.3 million, with the company deciding not to declare a dividend.
The miner says the improvement in earnings it expected to see has been delayed due to the economic crisis, which brought into play both an extremely challenging sales environment across the mineral sands industry but also some opportunities to accelerate the rate of change in the business.
Iluka says it is well placed to benefit from China’s continuing growth and global economic recovery, with the impending completion and integration of the company’s two new higher margin projects and the company’s continued intention to invest in market development activities.
Iluka Resources profits have been increasing over the past three years.
