MELBOURNE (Dow Jones)--OZ Minerals Ltd. (OZL.AU) Thursday posted...

MELBOURNE (Dow Jones)--OZ Minerals Ltd. (OZL.AU) Thursday posted a net loss of A$543,000 for the half year ended June 30, compared to a profit of A$173.45 million a year ago.

The diversified miner was created last month from the merger of two mid- tier Australian miners, Oxiana and Zinifex, making on-year comparisons difficult.

Chief Executive Andrew Michelmore said the results don't reflect the benefits of merging the two groups.

OZ Minerals operational performance had been sound but lower zinc prices had affected its financial performance, he said.

"Notwithstanding the negative impact of commodity price movements on our short-term performance the long-term demand strength that we and many participants in the minerals industry have referred to many times remains intact, and OZ Minerals is exceptionally well-positioned to benefit," he said.

Revenue for the half fell 13% on year to A$509.6 million from A$584.2 million last year and the miner posted an interim dividend of five cents, compared to four cents last year.


(E Trade source)