Second profit for Lynas

LYNAS Corp has signed off on an A$80 million net profit for the last financial year, its second consecutive profit as a rare earths company.
Second profit for Lynas Second profit for Lynas Second profit for Lynas Second profit for Lynas Second profit for Lynas

Amanda Lacaze

Staff Reporter

While the profit was up on the previous year's $53.1 million, earnings of $100.7 million (on an EBITDA basis) were down on the $121.9 million generated in 2018.

Revenue was also down more than $10 million on 2018's $374 million, while "strong" operating cashflow has totalled $222.6 million over the past eight quarters.

With regards the balance sheet, total debts have been reduced by $32 million to $193 million, with the cash balance at June 30 totalling $89.7 million.

Lynas' MD Amanda Lacaze concurred with initial analyst responses to the company's 2019 results that there was "no significant new news".

She said the company's decision on the location of a new cracking and leaching plant in Western Australia would be revealed "soon".

Shares in Lynas were up 1% to $2.34 million in morning trade, capitalising the company at $1.5 billion.