Atlas Iron Limited (ASX:AGO) has rebounded to a half year profit of $74 million from a loss of $256 million the year before on the back of record production, cost control and robust prices.
The iron ore miner’s result was aided with its revenue surging more than 100 per cent to a record $588 million in the last six months of 2013.
The average realised iron ore price rose to $US115.60 per tonne over the same period, from $US98.50 the year before.
Altas says its first half results have demonstrated the cash flow capacity of the business and it now has the flexibility to consider various capital management initiatives.
Last month Atlas reported it shipped a record 5.1 million tonnes in the first half and increased its full year production guidance to between 10.2 million and 10.7 million tonnes.
The company has declined to pay an interim dividend.
