Western Areas Records Huge Jump in Half-year Profit

Mining Weekly reported that Western Areas Ltd.’s (TSX:WSA,ASX:WSA) interim profit increased 782 percent, hitting to AU$23.6 million. The rise was due to higher nickel prices during the first half of the company’s 2015 financial year.

As quoted in the market news:

Western Areas said on Thursday that continued positive operating cost outcomes driven by productivity and efficiency improvements also helped to boost its profit.

During the interim period ended December 2014, Western Areas delivered 12 945 t of nickel, compared with the 13 020 t delivered in the previous corresponding period, and at an average realised nickel price of A$8.12/lb, generated a sales revenue of A$164.9-million, compared with the A$143.4-million achieved in the first half of 2014.

Managing Director Dan Lougher stated:

These initiatives, combined with a higher realised nickel price versus the first half of 2014, resulted in a net profit after tax increase of A$20.9-million.

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