Western Areas Limited
(ASX:WSA) has reported a full year net loss of $94.1 million, impacted by a tax effected impairment charge of $99.7 million.
The nickel miner says that excluding the impairment, it recorded an underlying net profit of $5.6 million.
Western Area spoke of a challenging year for all nickel companies battling a falling nickel price and high Australian dollar.
Managing Director Dan Lougher says outside of the nickel price challenges, the company exceeded all of its guidance metrics, including record sales.
Mr Lougher says Western Areas reacted swiftly to a changing price environment, reducing its exploration expenditure and mine development, while also ramping up production at its Spotted Quoll underground operation in Western Australia.
Western Areas says its Forrestania Nickel project will be its primary focus in fiscal 2014 and will command the majority of its exploration budget.
The company will not pay a final dividend.
