BC Iron sees strong increase in net profit for H1 FY 2013-14

Australian iron ore development company BC Iron has announced its fiscal results for the first half ending December 31 of the financial year 2013-14, posting a net profit of A$70.3 million, significantly increasing compared to A$7.7 million in the corresponding period of the previous financial year. In the first half of the current financial year, BC Iron's sales revenues amounted to A$301 million, up from A$105.2 million in the first half of the financial year 2012-13, due to iron ore prices remaining robust and the Australian dollar declining relative to the US dollar.
 
In the given period, BC Iron shipped 3.14 million wet mt of iron ore, up 37.7 percent year on year. The company stated that it achieved record exports, which, combined with continued strength in the iron ore price and an ongoing focus on cost control, translated into record revenues, operating cash flow and profits.
 
BC Iron expects the Nullagine iron ore joint venture to produce 5.8 to 6.2 million wet mt of direct shipping iron ore in the current financial year, notwithstanding heavy rains in January and early February.