By Rhiannon Hoyle
Australian nickel and lithium miner IGO on Thursday reported a 66% increase in full-year net profit despite a large impairment charge, underpinned by strong earnings from an Australian lithium joint venture.
The company said it made a net profit of 549.1 million Australian dollars (US$355.6 million) for the year ended June 30, up from A$331 million the 12 months prior.
The result included an impairment of A$968 million against the Forrestania and Cosmos assets IGO acquired as part of its acquisition of Western Areas in June 2022. Underlying profit–stripping out that impairment and some other items–totaled A$1.53 billion, up from A$404 million the year earlier.
“The delivery of record financial performance during FY23 has clearly demonstrated the transformation of IGO and our success in pursuing a strategy of being aligned to clean energy metals,” said Matt Dusci, the company’s acting chief executive.
“In FY23, we have generated the strongest set of financial results in IGO’s 21-year history, with record revenue, Ebitda and net profit,” he said.
Directors declared a final dividend of 44 Australian cents per share as well as a special dividend of 16 cents.
Write to Rhiannon Hoyle at [email protected]
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