- Pilbara Minerals (PLS) has reported an overall net loss in its half-yearly report despite increasing its contract revenue over the period
- The lithium producer’s revenue grew to $37.7 million on the prior corresponding period, as demand for spodumene concentrate encouraged higher production
- The company also managed to turn over a positive consolidated earnings before interest, taxes, depreciation and amortisation of $1.7 million, a marked improvement on the previously incurred loss
- Despite these improvements, the ASX-lister delivered a net loss after tax of $21.2 million, albeit a significant improvement on the $63.4 million it incurred in 2019
- Pilbara Minerals closed the day down 1.85 per cent, last trading at $1.06 each
Pilbara Minerals (PLS) has reported an overall net loss in its half-yearly report despite ramping up its contract revenue over the period.
The lithium producer managed to grow revenue from roughly $37.7 million on the prior corresponding period to just over $59 million for the reporting season ended December 31.
PLS delivered a statutory net loss after tax of $21.2 million, albeit a significant improvement on the loss incurred during 2019, which came in at $63.4 million.
In a more encouraging highlight from the report, the company managed to turn over a positive consolidated earnings before interest, taxes, depreciation and amortisation of $1.7 million, a marked improvement on the loss of $24.1 million it incurred in the previous period.
Pilbara also more than doubled its spodumene concentrate shipping figures, clocking in at 114,239 dry metric tonnes compared to 53,222 dry metric tonnes.
In a broader context, the company says improved demand for spodumene concentrate encouraged higher production and sales despite being hindered by a weaker reference price.
Pilbara also banked $179.6 million of the $240.2 million equity raising to fund the acquisition of Altura Lithium Operations, completed in January 2021.
Pilbara Minerals closed the day down 1.85 per cent, last trading at $1.06 each.