Australian iron ore development company BC Iron has announced its fiscal results for the financial year 2016-17 ended June 30.
Accordingly, BC Iron registered a net profit after tax from continuing operations of A$7.1 million compared to a net loss after tax from continuing operations of A$43.9 million in the previous financial year. In the given year, BC Iron's sales revenues from continuing operations increased by 58.4 percent year on year to A$64 million, while its EBITDA from continuing operations totaled A$9.4 million, rising from A$3.9 million recorded in the previous financial year.
BC Iron stated that its balance sheet position strengthened during the year, with a significant increase in cash and a reduction in debt.