WA focused iron ore miner, Atlas Iron (AGO) reported a much lower than expected FY13 (July 2012 - June 2013) profit of $13.7m

CommSec

WA focused iron ore miner, Atlas Iron (AGO) reported a much lower than expected FY13 (July 2012 - June 2013) profit of $13.7m. The result was held back by higher Depreciation & Amortisation (D&A) charges together with corporate overhead costs. A 32% rise in iron ore shipments & close to a 13% jump in revenue wasn't enough to lift its bottom line. Operating costs worsened by $196m over the year. A 3cps dividend was announced and will be paid to eligible shareholders on 20 Sept. Looking ahead, AGO expects $18-$20 per tonne of D&A costs - likely to reduce FY14 profit by around $70m. This higher cost is partly due to short mine lives at two of its four sites currently in production (Pardoo & Mt Dove mines). For more information visit: (VIEW LINK)


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