BC Iron’s July-December 2012 earnings up 76%

BC Iron saw a 76% increase in its earnings for the six months ended December 31, the company said on Wednesday February 27.

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The iron ore junior’s earnings before interest, taxes, depreciation and amortisation (Ebitda) totalled A$21.6 million ($22.1 million) for the second half of 2012, up from A$12.3 million seen a year ago.

“The results for the half-year are a bit soft especially in the context of the recent optimism in the market,” md Mike Young said in a statement.

However, “the lower-than-expected iron ore price during the period had a detrimental impact on the bottom line for the half”, he added.

Last year, BC Iron bought half of Fortescue Metals Group (FMG)’s interest in their Nullagine joint venture, raising its stake to 75%.

The transaction will allow the company to move its share of annual production to 4.5 million tonnes by mid-2013, according to the statement.

“The company remains comfortable with the level of gearing and the debt terms entered into associated with the [FMG] transaction. Given the positive iron ore pricing outlook, the company may look to reduce this debt ahead of the planned schedule,” its finance director Morgan Ball said in the statement.

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