Iluka Resources narrows first-half loss to $6.6 million

Aug. 26, 2010 - ILUKA Resources continued its 18-month losing streak in the first half of the year, reporting a net loss of $6.6 million.
The result compared to a $43.6m loss a year before.
The company said revenue more than doubled to $424.1m in the six months ended June 30, from $201.2m the previous year, and it expects its second half earnings before interest, tax, depreciation and amortisation to be higher than in its first half.
The board didn't propose an interim dividend. Iluka hasn't paid a dividend since its 2007 interim results due to spending on development projects and cash management during the financial crisis.
The company is the world's largest producer of zircon and the second-largest producer of titanium ores. The minerals are used in alloys and other high-performance materials.
Zircon sales volumes in the first-half increased nearly four-fold on the year to 205,400 tonnes, exceeding mine production and forcing a drawdown of inventories, according to the group's quarterly production report last month.
Production of the titanium ore rutile more than tripled to 101,600 tonnes, while synthetic rutile production was roughly level at 161,300 tonnes.Production of ilmenite, another titanium ore, fell 12.7 per cent to 187,400 tonnes.