IGO Limited (Independence Group)
IGO Limited (Independence Group)
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$A69.9M of depreciation/amortisation charges related to the new Nova nickel-copper-cobalt mine near Norseman in Western Australia and $58.2M of stamp duty taxes, has helped push Independence Group’s Dec 2017 half (H1 18) net profit after tax down 84% to $A3.2M, compared to H1 17.
Result on revenue up 59% to $354.8M, operating cash flows up 335% to $111.4M, underlying EBITDA up 63% to $133.4M.
A 1st half of production from Independence Group’s Nova mine has partly offset some big depreciation/amortisation and tax charges that pushed H1 18 profit down to $3.2M