Why the Lynas Corporation Ltd share price surged higher today 

Lynas Corporation Ltd (ASX: LYC) is one of the top gainers on the ASX200 today, up 5.71% to $2.22, following the release of the company’s half year results. 

The rare earth miner turned the $19 million loss from operating activities from the first half of FY 2016 into a $63 million profit in the half year ended 31 December 2017.  

Revenues grew 75% to $201 million, while costs remained constant at $134 million. The drivers of growth were the increase in sales volume, up 40% to 9,000 tonnes, and the higher average selling price of rare earth oxides, up 23% despite some volatility throughout the period.  

Net operating cash flow increased from $6.7 million to $80.2 million and the company strengthened its financial position by cutting its outstanding debt from US$425 million to US$256 million, mainly by converting bonds to share capital. However, Lynas once again declined to pay a dividend.  

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Motley Fool contributor Tommaso Autorino has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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