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

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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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CommSec is Australia's leading online broker. CommSec has been committed to providing the best in online trading since 1995. CommSec helps make informed investment decisions with comprehensive market research, free live pricing and powerful...
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No areas of expertise