Lynas results reflect increased production and sales volume

Company News

by Anna Napoli

Rare earth mining company Lynas Corporation (ASX:LYC) has reported its net profit after tax (NPAT) rose from $19 million to $63 million for the half year to December 2017.

In more good news for the company, its revenue strengthened over the 2017 half year, and lifted 75 per cent to $201 million compared to the same time last year.

Its earnings before interest and tax (EBIT) increased from a loss of $19 million to a gain of $63 million.

There were no dividends declared or paid during the half year ending December 2017.

The company says operational and production improvements over the past 3 years meant they were well positioned to benefit from increased customer demand.

Shares in Lynas (ASX:LYC) closed  0.94 per cent lower to $2.10 on Friday.
 

Anna Napoli

Finance News Network
Anna joined FNN February 2018 and also works with Channel 7 as a freelance producer. Anna has also worked as a lawyer and lecturer. She has also presented news updates for interstate news with Southern Cross Austereo.