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Sydney - Tuesday - December 9: (RWE Aust Business News) -
Iluka Resources (ASX:ILU) advises that its 2008 full year expectation
for net profit after tax has been upgraded further.
Iluka now expects full year NPAT to be around $60 million,
compared with the previous estimate, provided on 15 October, of around
$50 million.
Managing Director, David Robb, stated: "Iluka's higher earnings
estimate for the full year reflects a number of factors, but principally
the continued benefit of a lower A$/US$ exchange rate. The average
A$/US$ spot exchange rate for second half to the end of November was
80.46 cents compared with an average first half 2008 spot rate of 92.48
cents.
"While global market conditions and sentiment remain volatile,
Iluka's product shipments over recent months have remained firm such
that, with only a few exceptions, customers are accepting contracted
volumes as scheduled for 2008. Sales for rutile, synthetic rutile and
zircon are forecast to exceed underlying 2008 production, supported by a
draw down in product inventories."