Australian iron ore miner Atlas Iron Limited has announced its financial results for the first half (ended December 31) of the financial year 2011-12, reporting a decline in net profit due to a write-down in the assets value of the Balla Balla and Yerecoin magnetite projects.
According to the financial results, in H1 FY 2011-12 Atlas recorded a net profit of A$6.08 million (US$6.55 million), decreasing by 79.8 percent compared to the same period of the previous financial year. Sales revenues of Atlas in the first half of the current financial year increased by 69.2 percent year on year to A$341.38 million (US$368.142 million).
Atlas Iron stated that its iron ore shipments in the given period reached 2.85 million wmt, up 64.4 percent year on year. After Tropical Cyclone Heidi hit the Pilbara region of Western Australia in January, Atlas revised down its shipment target for the 2011-12 financial year to approximately 5.5 to 5.7 million wmt from the original target of 6 million wmt.