Atlas Iron Limited (ASX:AGO) has posted a first half net profit of $6.8 million in the six months to December 31, 2011 dropping 80 per cent from the year before.
The result has been partly attributed to write-downs of about $69 million in the asset value of the Balla Balla and Yerecoin magnetite projects.
On an underlying basis the company’s profit rose 77.5 per cent to $62.2 million.
The iron ore producer says it expects cash costs for fiscal 2012 to remain within guidance of between $43 to $45 per tonne.
The company is on target to ship up to 5.7 million tonnes of iron ore.
Atlas pays dividends on a yearly basis.
