Australia’s Murchison Metals reduces net loss in FY2010-11

Australia-based iron ore exploration company Murchison Metals Ltd (Murchison) posted a net loss of A$16.6 million for the full year ended  June 30, 2011 compared to a net loss of AU$21.6 million in the previous financial year.
 
In the given period, Stage 1 mine at Jack Hills increased its sales revenue by 38 percent due to higher iron ore prices. This sales growth reflected in the net profit of A$2.6 million posted by the Crosslands Resources, 50 percent owned by Murchison.
 
Meanwhile, the increase in iron ore prices balanced a 10 percent reduction in sales volumes during the year because of bad weather conditions in the March Quarter 2011, which impacted the transport of iron ore to port during this period