Mining company, Orocobre (ASX: ORE) announced financial result for the year ended 30 June 2018, with record underlying net profit of US$25.7 million compared to US$13.8 million in FY17.
Statutory net profit after tax was US$1.9 million after adjusting impairment charges, tax expenses resulting from change in Argentine tax law, and other non-cash losses. During fiscal 2018, Orocobre has raised A$361 million including a 15% placement to Toyota Tsusho Corporation, having the shared vision for Olaroz expansion.
The company has been established as a low cost producer in fiscal 2018 with average operating cost of US$4,194 per tonne. The company has indicated softening of spot prices in China while delivering 99.5% lithium carbonate in FY18.
Orocobre has experienced strong demand in lithium market during the last year supported by upward revision in EV plans of car manufacturers, battery capacity expansion and other governmental supports. It has produced 5% more lithium carbonate than the previous year, recording the sales revenue to US$148.9 million, up 24% on FY17.
On FY19 outlook, company expects FY19 production to be higher than financial year ended 30 June 2018.
Reporting strong operational earnings and continued expansion, Orocobre’s stock rose 5.1% to $4.340 on 28 August 2018 (3 PM AEST).
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