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The Australian reported yesterday that Lynas Corporation Ltd. (ASX:LYC) recorded a net loss of $59.29 million during the six months ended December 31, 2013, up slightly from the previous corresponding period.
The Australian reported yesterday that Lynas Corporation Ltd. (ASX:LYC) recorded a net loss of $59.29 million during the six months ended December 31, 2013, up slightly from the previous corresponding period. However, the company posted revenue of $14.6 million; in the year-ago period it brought in no revenue at all.
Weighing on Lynas’ results were costs related to the ramp up to the first phase of its Malaysia-based Lynas Advanced Materials Plant (LAMP).
As quoted in the market news:
Net financial expenses were $7.5m, a 32 per cent increase on the $5.7m for first half of the previous year.
Investors responded poorly to the news. At 10.55am (AEDT) Lynas shares were 11.02 per cent lower at 26.25c, against a completely flat benchmark index.
In earlier trade, Lynas shares dropped as low as 24.5c, their lowest point since April 30, 2009 when Lynas traded at 22.125c.