Australia's Iluka sinks on weak HY results, lacklustre outlook

Iluka Resources

23/08/2023 01:57

** Shares of Iluka Resources  ILU.AX  slump as much as 12.8%
to A$8.13, posting their biggest intraday pct loss since March
23, 2020
    ** Mineral sands miner posts HY net profit after tax of
A$203.8 mln ($131.17 mln), down from A$368.5 million a year ago
    ** Revenue from ordinary activities - cont ops falls by
10.8% to A$745.4 mln
    ** Declares interim dividend of 3 AU cents per ordinary
share, lower than Visible Alpha consensus estimate of 5 AU cents
    ** Co says cost environment in Western Australia presenting
challenges for projects throughout industry 
    ** Reduces guidance for 2023 synthetic rutile production to
255 kt from 305,000 kt
    ** Stock touches lowest level since July 18, 2022
    ** Stock down 2.2% this year, as of last close


($1 = 1.5538 Australian dollars)

 (Reporting by Poonam Behura in Bengaluru)
 ((Poonam.Behura@thomsonreuters.com))