FENIX Resources Ltd (ASX:FEX) has reported a net profit after...

FENIX Resources Ltd (ASX:FEX) has reported a net profit after tax of $10.9 million for the half year ended 31 December 2022 and is well-positioned to outperform in the second half based on significantly improved spot iron ore prices.The company achieved consistent production performance from its Iron Ridge iron ore mine in Western Australia’s Mid-West, shipping 659,351 wet metric tonnes (wmt) of high-grade iron ore during the first half to generate A$85 million in revenue.Strong performance despite challenging market conditionsFenix chairman John Welborn commented on the strong performance of the business during the period: “Fenix has reduced our operating costs in the face of challenging market conditions.“The company’s disciplined approach to hedging has supported a strong profit result despite lower prevailing iron ore prices last year.“The acquisition of Fenix-Newhaul is proving to be a game changer, both in terms of reducing costs and providing Fenix a unique advantage in the Mid-West as a fully integrated mining, haulage and logistics company.“With iron ore prices strengthening, Fenix is well-positioned to outperform in the second half as we focus on advancing our growth aspirations and delivering exceptional value for shareholders”

”Elnuto,
Well atleast we know who crashed the price. The above excerpt is a more positive spin on the results and more in line with my own views. It should do better in the second half.