Atlas announces $169 million maiden annual profit and dividend of 3 cents per share
Thursday, 25 August 2011 08:39
Atlas Iron Limited reported a maiden annual profit after income tax of $169 million for the year to June 2011.
The outstanding result has led Atlas to declare an unfranked 3 cents per share maiden dividend as part of the commencement of a ‘progressive’ dividend policy.
During the year, Atlas recorded net operating cashflows of $221 million and closed the year with a cash balance of $366 million. The Company remains debt-free.
The record profit reflects a 383 percent increase in the Pilbara iron ore miner’s exports to 4.6 million tonnes in the 12 months. In the 2012 financial year, the Company will benefit from this increased production rate for the full 12 months targeting exports of 6 million tonnes.
Cash operating costs for the year ended 30 June 2011 were in the Company’s targeted range of $40- $43 a tonne. This figure is expected to be in the range of $42-$45 a tonne in the 2012 financial year.
