Champion Iron shares climb after quarterly sales lift
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More news: Champion Iron shares advanced despite the iron ore miner reporting a 39% decline in full-year net profit.
Shares were up 2.9% to $4.38 at 12:50pm AEST, having retreated nearly 40% over the last 12 months.
Champion Iron reported alsomrecord sales volumes of 3.5 million dry metric tonnes in the fourth quarter of the year and maintained its half-year dividend of 10 cents per share.
Champion Iron posts 39% profit fall as output slides
The news: Iron ore miner Champion Iron has reported a 39% drop in net profit for the year ending 31 March, as shutdowns at the company's two concentration plants weighed on production during the fourth quarter.
The numbers: Champion Iron reported full-year net profit of C$142 million ($160 million), down from C$234 million in the prior year.
Full-year revenue rose 5% to C$1.6 billion while earnings (EBITDA) fell 15% to C$471.3 million.
The company will pay an eighth consecutive semi-annual dividend of 10 cents per share.
The context: Chief executive David Cataford flagged "seasonal challenges" during the fourth quarter, with scheduled shutdowns at both of the company's concentration plants leading to a 13% drop in quarterly iron ore concentrate production.
Champion Iron is also intensifying efforts to reduce operating costs, Cataford said, which were impacted during the final quarter by a near-term geological sequence.
