August 29, 2019 / 10:43 AM / 5 months ago

Australia's Galaxy Resources posts large loss on impairment charge

(Reuters) - Lithium miner Galaxy Resources Ltd (GXY.AX) on Thursday reported a huge half-year loss due to an impairment charge related to its flagship Mt Cattlin project.

Net loss for the six months ended June 30 was $171.9 million, compared with a profit of $11.5 million a year earlier. Barring one-off charges, Galaxy reported a net profit of $4.9 million.

Galaxy earlier in August flagged the impairment charge, which was the result of a review of the inventory of lithium concentrate it holds at its Mount Cattlin mine in Western Australia. [nL4N253010]

Lower average realized prices also hit the miner’s half-year revenue, which plunged to $28 million from $88.4 million.

Despite an uptick in lithium concentrate production, the miner’s concentrate sales more than halved from a year earlier.

Reporting by Ambar Warrick in Bengaluru; Editing by Sriraj Kalluvila

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