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.

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.