Record operating profit for Lynas

TURNAROUND story Lynas Corporation has posted a strong half-year result, while strengthening its balance sheet.

Record operating profit for Lynas Record operating profit for Lynas Record operating profit for Lynas Record operating profit for Lynas Record operating profit for Lynas

The rare earths player posted a record profit from operating activities with earnings before interest and tax of A$63 million, up from a $19.3 million loss, and adjusted earnings before interest, tax, depreciation and amortisation of $85.5 million, up from $2.1 million.

Profit before tax jumped from $1.1 million to $50.8 million, while cashflow from operating activities rose from $6.7 million to $80.2 million.

Revenue jumped by 75% to $200.9 million due to higher sales prices and volumes.

Total rare earth oxide production rose by 17% to 8839 tonnes.

Operating costs of $133.9 million were steady even with higher production.

Debt dropped to US$256.5 ...