Iluka Resources' full-year profit drops 33%

The news: Mineral sands miner Iluka Resources posted a 33% drop in full-year profit to $231 million amid subdued demand for mineral commodities.

The numbers: Net profit for the year to December fell to $231 million from $343 million, while revenue was down 9% to $1.13 billion. The company will pay a final dividend of 4 cents a share, similar to a year ago.

The context: Iluka said while markets remained stable in 2024, global macroeconomic conditions dictated lower activity levels in the construction and real estate sectors, which drove customer buying behaviour in the zircon and titanium markets. It was also affected by higher costs during the year.