Australian iron ore miner Atlas Iron Limited has announced its financial results for the first half ended on December 31 of the financial year 2015-16.
According to the results, in the given period Atlas recorded a net loss of A$114 million, decreasing from a net loss of A$1.08 billion in the previous financial year. Sales revenues of Atlas in the first half decreased by 17.4 percent year on year to A$372.4 million, on the back of a lower iron ore price.
Atlas Iron’s managing director David Flanagan stated that the iron ore price has continued to present a challenge but the company and its contractors have responded with further savings. Mr. Flanagan also said that the debt restructure agreement announced on December 23, 2015 will provide interest savings and reduce Atlas’ debt burden by nearly 50 percent.