Galaxy Resources Revenue Slides 55%; Net Profit Declined by 289%

  • Feb 21, 2020 AEDT
  • Team Kalkine

Galaxy Resources Limited (ASX: GXY) reported loss after tax for the year ended 31 December 2019 of US$283.7 million. Although, after excluding the non-recurring items, the company reported loss before tax of US$18.9 million primarily due to lower revenue. 

• Revenue from operations decreased 55% to US$69.5 million driven by lower spodumene prices and a 17% decrease in volume sold to 132,687 dmt;
• The average realised selling price for spodumene achieved in FY2019 was US$502/dmt, a 46% reduction on FY2018.
At AEST 12:59PM, the stock was trading at $1.070 per share, up by 3.382% from its previous close.

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