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 joined FNN in January 2017 with a passion for equities and funds management. As Head of News, she has been a broadcast journalist for over seven years, specialising in finance. She has been a journalist with Sky News Business, ABC 1, ABC's The Business and ABC24. She’s also worked as a TV reporter for regional Channel 7 and 9. She also previously worked as a financial planner and real estate agent.