Pilbara Minerals sees improvement in net loss, greater income

Company News

by Jessica Amir

Lithium market darling, Pilbara Minerals (ASX:PLS) reported an improvement in its net loss for the half-year ending December 2017. 

The group’s loss for the six months was $9.97 million, compared to its $19.20 million loss after tax for the same time last year.

Its loss for the period included $3.2 million in exploration costs and in the half year it inked a deal to supply 75,000 tonnes per annum of chemical grade spodumene to China’s Great Wall Motor Company.

As a result, its income bolstered ahead in the half year to $1.2 million, up from $77,000 in the prior corresponding period.

In the period it also was inducted into the ASX200 on 18 December 2017, reflecting the increase in its market cap to over $1.9 billion at that date.

Its shares have grown about 98 per cent in the last 12 months.

Shares in Pilbara Minerals (ASX:PLS) are trading 1.8 per cent higher to $0.85.

Jessica Amir

Finance News Network
Jessica is a senior finance journalist and presents bulletins including the Market Outlook, Market at Midday and Market Wrap. She also interviews ASX CEOs and leading fund managers. She joined FNN in January 2017 with over six years of broadcast journalism experience including with Sky News Business, ABC 1, ABC's The Business and ABC24. She’s also worked as a TV reporter for Prime 7 and WIN News. Jessica has worked in financial planning for over six years with leading wealth managers and in real estate.