Australian iron ore development company BC Iron has announced its fiscal results for the first half ended December 31 of the financial year 2014-15, posting a net loss of A$97.3 million, compared to a net profit of A$69.9 million in the same period of the previous financial year.
In the given period, BC Iron's sales revenues decreased by 56 percent year on year to A$300.9 million, impacted by declining iron ore prices which have been partly offset by sustainable cost reductions. In addition, during the August-October period, the Nullagine iron ore joint venture was required to reduce its rate of production in order to manage product quality. Subsequent to this, the operation ramped back up to its nameplate production rate of 6 million mt per year during November.