Australian iron ore miner Atlas Iron Limited has announced its financial results for the financial year 2017-18 ended June 30.
According to the results, in the given period Atlas recorded a net loss of A$162.9 million, compared to a net profit of A$48 million recorded in the previous financial year. Sales revenues of Atlas in the given period decreased by 37.2 percent year on year to A$546.8 million, while iron ore shipments amounted to 9.2 million mt, down 36 percent year on year. The reduction in shipments was caused by the end of life of the mines at Wodgina (May 2017) and Abydos (October 2017).
In the given year, the company’s underlying EBITDA was A$16 million, decreasing from the A$116 million recorded in the previous year. The decline in underlying EBITDA was due to the lower revenue driven by lower sales volumes, the lower US dollar headline price and higher discounts for low-grade product more than offsetting a higher proportion of lump product and increased lump premiums, higher costs due to greater average haul distance from mine to port and higher sea freight charges.