Lynas Corporation (ASX:LYC) see half year profit fall 79.6%

Company News

by Rachael Jones

Lynas Corporation (ASX:LYC) today released its Financial Report for the half year ending 31 December 2019 showing net profit fell 79.6 per cent to $3.9 million.

The rare earths miner reported revenue up to $180.1 million on last year’s $179.8 million.

As we reported on Thursday, Lynas won a three-year extension to its Malaysian operating licence, ending uncertainty over the future of its refining operations.

Lynas Corporation CEO and Managing Director, Amanda Lacaze, commented: “This is a solid result given the difficult regulatory and market conditions we faced during the period.”

Shares in Lynas Corporation (ASX:LYC) are trading 4.5 per cent lower at $1.91.