Mount Gibson Iron Limited (ASX:MGX) fell to yesterday’s worst performing stock on the benchmark index after its interim results missed market expectations.
The West Australian miner’s net profit more than doubled to $78.3 million in the last six month of 2013. In the same period the company also reported record sales revenue of more than $500 million on record iron ore sales.
Some market commentators have however speculated the result missed expectations for revenue growth and may indicate peak production.
Though Mount Gibson Iron has declined to pay a dividend it has confirmed it is on track to achieve record sales in the full 2014 financial year.
The company has affirmed it is well places for future volatility in iron ore prices and market conditions, while also announcing its Chairman Geoff Hill will step down and be replaced by Lee Seng Hui.
Shares in Mount Gibson Iron fell 15.42 per cent on Wednesday to close the session at $1.02.
