In afternoon trade the Mineral Resources Limited (ASX: MIN) share price has climbed higher following the release of its full-year results.
In late trade its shares are up almost 3% to $12.85.
Key takeaways from its results include:
- Revenues increased 24% to $1.5 billion.
- EBITDA of $464 million, up 62% on FY 2016 and within its guidance range.
- Net profit after tax up 83% to $201 million.
- Fully franked final dividend of 33 cents per share, bringing the total dividend for the year to 54 cents per share.
Although its iron ore export volumes were mostly flat at 12.3 million tonnes, the increase in price of the base metal led to the company posting EBITDA per wet metric tonne of $18.00. A year earlier this was just $8.60 per wet metric tonne.
Another key driver of the strong result was its Mount Marion spodumene operation. Production at the site ramped up to a full capacity rate in excess of 400,000 wmt per annum.
