Lynas posts record revenue on robust demand, shares hit 8-year high
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Australia s Lynas Rare Earths Ltd posted record quarterly revenue on Monday on the back of very strong demand for its range of specialised metals that offset softer prices, sending its shares to a more than eight-year high.
Lynas, the largest rare earths producer outside China, reported a jump in fourth-quarter revenue to A$185.9 million (US$137 million), more than triple A$38 million a year earlier, pushing the stock up 9% to A$7.01, its highest since January 2013.
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A truck carrying rare earth travels towards Lynas Corp s Mount Weld processing plant, northeast of Perth, in Western Australia, August 23, 2019. Picture taken August 23. REUTERS/Melanie Burton
Summary
Q4 NdPr production up 79.7% from a year ago
Softer prices in qtr due to normal correction - CEO
July 26 (Reuters) - Australia s Lynas Rare Earths Ltd (LYC.AX) posted record quarterly revenue on Monday on the back of very strong demand for its range of specialized metals that offset softer prices, sending its shares to a more than eight-year high.
Lynas, the largest rare earths producer outside China, reported a jump in fourth-quarter revenue to A$185.9 million ($137 million), more than triple A$38 million a year earlier, pushing the stock up 9% to A$7.01, its highest since January 2013.
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Rare Earths Monthly Metals Index (MMI) rose by 10.6% for this month’s reading.
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Lynas Rare Earths reports half-year results
Australia’s
Lynas Rare Earths Ltd., the largest rare earths firm outside of China, recently reported its half-year results.
For the half-year ending Dec. 31, 2020, Lynas reported net profit of $40.6 million. That compared with net profit of $3.9 million in the same six-month period in 2019.
Furthermore, it reported EBITDA of $80.6 million during the second half of 2020, up from $44.2 million during the equivalent period the previous year.