re: Ann: Atlas December 2011 Half Yearly Repo... Comment from...

re: Ann: Atlas December 2011 Half Yearly Repo... Comment from SMH.

http://www.smh.com.au/business/earnings-season/atlas-profit-sinks-80-as-expansion-accelerates-20120228-1tzqg.html


Atlas profit sinks 80% as expansion accelerates

Atlas Iron says its-first half net profit has fallen 79.8 per cent as the company remains on target to ship about 5.5 to 5.7 million tonnes of iron ore in fiscal 2012.

The iron ore miner on Tuesday said net profit after tax was $6.08 million in the six months to December 31, 2011, down from $30.1 million in the prior corresponding period.

But, Atlas said, underlying profit was up 77.5 per cent at $62.2 million, from $35.0 million in the prior period.

Advertisement: Story continues below Revenue also was higher, up 69.2 per cent at $341.4 million, from $201.78 million.

Atlas said it expected cash costs for fiscal 2012 to remain within guidance of $43 to $45 per tonne and it remained "on target" to ship approximately 5.5 to 5.7 million tonnes in fiscal 2012.

"Our strong cashflows are enabling us to invest in further increases in production capacity which will see output double by June 2013," Atlas managing director Ken Brinsden said in a statement on Tuesday.

Atlas said it used underlying profit as an indicator to measure its operational performance and to allocate resources.

Atlas pays dividends on an annual basis.

AAP