Australian iron ore miner Atlas Iron Limited has announced its financial results for the financial year 2015-16 ended June 30.
According to the results, in the given period Atlas recorded a net loss of A$159 million, compared to a net loss of A$1.37 billion in the previous financial year. Sales revenues of Atlas in the given period increased by 9.4 percent year on year to A$785.7 million, while iron ore shipments amounted to 14.5 million mt, up 19 percent year on year.
The company stated that it was able to achieve significant cost reductions during the financial year 2015-16 where the savings generated were able to match or better the rate of decline experienced in the iron ore price.