Iluka Resources Limited's
(ASX:ILU) annual profit result has been hit by lower demand for its main products.
The minerals sands producer’s net profit sank 95 per cent to $18.5 million over the 2013 calendar year on the back of a 26 per cent fall in revenue.
Iluka says its results were impacted by lower than usual demand for its zircon products and high grade titanium dioxide feedstocks, resulting in significantly lower prices.
Managing Director David Robb says last year’s market conditions reflected a cyclical low in business conditions and he has forecast a demand recovery over this year and next.
A final fully franked dividend of 4 cents per share has been declared.
