Independence Group NL
(ASX:IGO) has released its full year results for FY16.
The diversified miner and explorer posted a net loss after tax of almost $59 million. In FY15, they performed much better – with a net profit of $76.8 million.
Independence Group’s revenue was down 16% to $417 million.
The company says these results were influenced by lower metal prices, lower metal production, $65 million in acquisition costs for its purchase of Sirius Resources, 30% reduction in exploration expenditure and a $35 million exploration impairment in 1H16.
The company has declared fully-franked dividend of 2 cents per share.
