Iluka Resources (ASX:ILU) boasts NPAT of $2.4 billion for the year

Company News

by Melissa Darmawan

Mineral sands miner Iluka Resources (ASX:ILU) report a net profit after tax of $2.4 billion for full year 2020, compared to a loss of $300 million in 2019.

This includes a $2.2 billion gain from the demerger of mining royalty company, Deterra Royalities (ASX:DRR) that occurred late last year.

Their mineral sands revenue was down 20.6 per cent to $947 million and underlying Group EDBITDA is down 35.6 per cent to $423 million.

The company says the reduced sales volumes are due to the impact of Covid-19 and also a contractual dispute with a major customer.

The company will pay a fully franked dividend of 2 cents per share in April which is down 13 cents the previous year.

Shares in Iluka Resources (ASX:ILU) are trading 1.6 per cent higher at $7.50.