Toronto, Ontario-based iron ore producer Labrador Iron Mines Holdings Limited (LIM) has announced its financial results for the second quarter ended on September 30 of the financial year 2013-14.
LIM reported a net loss of C$24.9 million in the September quarter compared to a net loss of C$31.7 million during the same quarter of the previous financial year. The sales revenues of the company amounted to C$40.3 million, rising by 22 percent year on year, reflecting improved iron ore prices on quarter-on-quarter basis. Iron ore shipments totaled 652,000 mt during the given period, indicating a slight rise of 0.7 percent year on year.
During the first six months of the current financial year, the company registered a net loss of C$53.5 million, compared to a net loss of C$42.5 million in the corresponding period of FY 2012-13. LIM's sales revenues declined by 18.1 percent year on year to C$58.2 million, with iron ore shipments of 980,000 mt, down 13.5 percent compared to the same period of the previous financial year.
In the September quarter, the company's iron ore production reached approximately 983,000 mt, increasing 2.2 percent, while in the first six months, the iron ore production stood at 1.32 million mt, falling 18.5 year on year.