Atlas Iron Ltd (ASX:AGO) has posted a shipping record for the March quarter and says it is on target to export 1.5 million tonnes in the June quarter.
In the first three months of 2011 the iron ore producer shipped a record 1.39 million tonnes and exported a record 547,404 tonnes of direct shipping ore.
The result has delivered Atlas $240 million cash on hand, up from $143 million at the end of the prior quarter.
Atlas says the increase reflects strong sales volumes, higher iron ore prices and reduced operating costs.
Managing director David Flanagan says the strong result came despite terrible weather during the quarter.
In the first half of its 2011 financial year, Atlas Iron moved out of the red, posting a net profit of $30 million.
