(Adds CEO comment, background on rare earths market)
Aug 27 (Reuters) - Australia's Lynas Rare Earths (LYC) posted a record full-year profit on Monday, bouncing back from losses a year earlier, as demand for the specialized metals it mines boomed after COVID-19 curbs eased.
A surge in orders for electric vehicles amid the global push to reduce carbon emissions and a reopening from pandemic-related restrictions have helped the rare earths market recover from last year's troughs.
Lynas, the world's biggest rare earths miner outside China, said profit after tax came in at A$157.1 million ($113.74 million) for the year ended June 30, compared with a loss of A$19.4 million a year earlier.
“The rare earths market rebound despite the ongoing pandemic reinforces the importance of this critical material globally," Chief Executive Officer Amanda Lacaze said in a statement.
Rare earths are used in a wide range of products, including electric vehicles, smartphones and military equipment.
Lynas's full-year revenue rose to A$489.0 million, from A$305.1 million a year ago. The company did not declare a dividend. ($1 = 1.3812 Australian dollars)
- Forums
- ASX - By Stock
- LYC
- News: LYC UPDATE 1-Australia's Lynas posts record annual profit as demand rebounds
News: LYC UPDATE 1-Australia's Lynas posts record annual profit as demand rebounds
- There are more pages in this discussion • 40 more messages in this thread...
You’re viewing a single post only. To view the entire thread just sign in or Join Now (FREE)
Featured News
Add LYC (ASX) to my watchlist
|
|||||
Last
$6.12 |
Change
-0.030(0.49%) |
Mkt cap ! $5.720B |
Open | High | Low | Value | Volume |
$6.13 | $6.17 | $5.99 | $31.54M | 5.188M |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
1 | 3000 | $6.11 |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
$6.12 | 43410 | 2 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
1 | 3000 | 6.110 |
6 | 26983 | 6.100 |
3 | 4214 | 6.090 |
2 | 1552 | 6.080 |
1 | 9500 | 6.070 |
Price($) | Vol. | No. |
---|---|---|
6.130 | 1022 | 1 |
6.140 | 6060 | 1 |
6.150 | 3500 | 1 |
6.160 | 8200 | 2 |
6.180 | 3290 | 2 |
Last trade - 16.10pm 17/06/2024 (20 minute delay) ? |
|
|||||
Last
$6.08 |
  |
Change
-0.030 ( 1.46 %) |
|||
Open | High | Low | Volume | ||
$6.14 | $6.17 | $5.99 | 9068148 | ||
Last updated 15.59pm 17/06/2024 ? |
Featured News
LYC (ASX) Chart |
The Watchlist
LPM
LITHIUM PLUS MINERALS LTD.
Simon Kidston, Non Executive Director
Simon Kidston
Non Executive Director
SPONSORED BY The Market Online