Australia's Mount Gibson hits lowest in 6 months after swinging to loss

MGX Resources

25/08/2022 06:58

** Shares of Australia's Mount Gibson Iron Ltd  MGX.AX  fall
as much as 9.3% to A$0.39 - lowest since January 28
    ** Iron ore producer posts FY loss after tax of A$174.1
million ($121.05 million), against A$64 mln profit after tax in
the prior year(nASX9Ly2Dc)
    ** Says sales revenue more than halved to A$140.7 million  
    ** Co posts FY total iron ore sales of 1.65 million wet
metric tonnes, compared with 3.0 million wet metric tonnes a
year ago 
    ** Says FY loss due to lower iron ore prices and reduced
sales volume   
    ** Stock on track to see worst day since April 26
    ** Shares are up 1.2% YTD as of last close 
    


($1 = 1.4382 Australian dollars)

 (Reporting by Nausheen Thusoo)
 ((Nausheen.Thusoo@thomsonreuters.com;))