Australian iron ore development company BC Iron has announced its fiscal results for the first half ended December 31 of the financial year 2016-17, posting a net profit of A$6.6 million, compared to a net loss of A$72.9 million in the same period of the previous financial year.
In the given period, BC Iron's sales revenues increased by 89.9 percent to A$35.5 million compared to the same period of the financial year 2015-16.
The company’s managing director Alwyn Vorster stated that BC Iron has achieved its objectives for the first half of the year. According to Mr. Vorster, the company has removed key historical Nullagine joint venture-related liabilities and risks by selling its 75 percent interest to Australian miner Fortescue Metals Limited, restated its strategy, strengthened its balance sheet, and returned to profit. This status provides a solid base for the company to implement its growth and diversification strategy. He also stated that BC Iron continues to review a number of attractive opportunities and is confident of securing an interest in one or more attractive new projects.