Atlas posts loss

DESPITE posting a half-year loss, Atlas Iron remained cashflow positive in the six months to December 31.

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The company posted a December half statutory loss after tax of $21 million after depreciation and amortisation of $33 million.

That compares to a net profit after tax of $18.9 million for the first six months of the 2017 financial year.

The underlying loss before tax was $18.9 million, while underlying EBITDA was $18.9 million.

Half-year revenue dropped by 38% to $308 million due to a 36% drop in tonnes shipped and a decrease in the average iron ore price received from $66.28 per tonne to $62.25/t due to the discounts received for lower grade ore.

Full cash costs also rose to $57/t from $52/t.

Net cashflow from operations was $19 million.