Despite COVID-19 disruptions in the June quarter, Champion Iron (CIA) achieved a record net income of C$75.6 million (roughly A$78.9 million)
As of June 30, Champion had C$347.5 million (roughly A$362.5 million) cash on hand, which is a significant increase from C$298.7 million (roughly A$311.6 million) at the end of the previous quarter
Unfortunately, COVID-19 regulations led to a drop in revenue, EBITDA and gross profit
Because of the pandemic, the company was forced to ramp down operations on March 24
However, in late April, production at the Bloom Lake Project in Canada resumed
Despite the ramp down, nearly 1.8 million wet metric tonnes of high-grade iron ore concentrate was processed
This is in line with the plant's nameplate capacity and is a minor 10 per cent decrease on the prior corresponding period in 2019
Company shares are trading 1.09 per cent higher at $2.79
