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Iron-Ore producer, Champion Iron Limited (ASX:CIA) has announced its financial and operating results for Fiscal 2019âs third quarter ended 31st December 2018. The company has achieved record monthly production of 697,700, taking total production of high-grade 66.5% iron concentrate to 5,192,500 wmt since the companyâs Bloom Lake mine commenced operations in February 2018.
On the financial front, the company recorded revenues of $147.5 million for the third quarter ended 31 December 2018, taking the revenue for the nine months ended 31 December 2018 to $473.0 million. This reflects a substantial premium of 27.9% on the gross realised price of US$91.6/dmt at which the company sold high-grade iron ore concentrate to CFR China.
Chairman and CEO Michael OâKeeffe stated, âA strong performance has been delivered by the operations team again this quarter which included a record monthly production in October 2018 of 697,700 wmt of high-grade iron ore.â
The report read that 8.7 million tonnes of material was mined during the quarter, representing an increase of 7% over the previous quarter. The increase reflects higher strip ratio due to the waste removal program undertaken by the company during the planned shutdown of the plant.
During the quarter, Champion produced 1,791,300 wmt of Iron ore concentrate and sold a total of 1,711,500 dmt at an average realised price of US$65.5 per tonne. Further, for the nine months to 31 December 2018, the company sold 5.4 million tonnes of iron ore concentrate to customers in Japan, China, Europe and the Middle East
Its Net Income for the quarter reached to $31.2 million, bringing the nine-month to 31 December 2018âs net income to $119.4 million. But with 63.2% interest in Quebec Iron Ore Inc, Championâs net income attributable to the shareholders was reported to $21.67 million, representing EPS of $0.05. This is in comparison to a loss of $37.34 million or loss of $0.09 per share for the three months ended 31 December 2017.
Moreover, for the nine-month to 31 December 2018, the company generated a net income of $119.4 million with $0.18 of Earning Per Share compared to previous corresponding yearâs loss of $0.14 per share.
EBITDA of the company reached $65.41 million, taking the nine-months to 31 December 2018 EBITDA to $191.67 million. The companyâs operating cash flow for the quarter was $89.1 million with cash on hand of $185 million as at 31 December 2018.
Besides holding 63.2% interest in Bloom Lake Property, Champion also holds 100% interest in the copper-zinc Gullbridge-Powderhorn property in Northern Central Newfoundland and a 100% interest in the Fermont property located in the Fermont Iron Ore District of Northeastern Quebec.
In todayâs trading session, Champion stock is trading at $1.530 on 15 February 2019 (3:36 PM AEST). Over the past 12 months, CIA has witnessed a positive price change of 17.69% including a surge of 20.00% in the past three months.
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