Mount Gibson Iron Limited’s
(ASX:MGX) net profit has sagged 28 per cent to $172.5 million in the 2012 financial year.
The miner says that lower iron ore prices, ore stockpile write downs and infrastructure disruptions are among the reasons for the profit fall.
CEO Geoff Hill highlighted the fact that Mount Gibson has cash reserves of $293 million and no debt in emphasising that the company is set to experience growth moving forward.
Mount Gibson will pay shareholders a full year distribution of 4 cents, including its final dividend of 2 cents fully franked.
