Feb. 25, 2011 - Iluka Resources Ltd., the world s biggest zircon producer, swung to a profit in the second half, boosted by higher demand and prices.
Net income in the six months ended Dec. 31 was A$42.7 million ($43.1 million), Perth-based Iluka said today in a statement. That compared with a loss of A$52.8 million a year earlier. Second-half earnings were expected to be A$27.4 million, according to the mean of four analyst estimates.
Sales in the fourth quarter rose 27 percent after the company raised output from new mines. Iluka increased its zircon price by about 30 percent last year to $1,000 a ton, it said today. Prices have gained a further 20 percent this year, it said.
"In 2010, customer demand for zircon exceeded Iluka s current supply capacity, Managing Director David Robb said in the statement.
Net income in the six months ended Dec. 31 was A$42.7 million ($43.1 million), Perth-based Iluka said today in a statement. That compared with a loss of A$52.8 million a year earlier. Second-half earnings were expected to be A$27.4 million, according to the mean of four analyst estimates.
Sales in the fourth quarter rose 27 percent after the company raised output from new mines. Iluka increased its zircon price by about 30 percent last year to $1,000 a ton, it said today. Prices have gained a further 20 percent this year, it said.
"In 2010, customer demand for zircon exceeded Iluka s current supply capacity, Managing Director David Robb said in the statement.
