Mineral Resources (ASX: MIN) reports 72% decline in FY22 profits

Mineral Resources Limited (ASX: MIN) has announced its FY22 results for period ended 30 June 2022.

The Group’s earnings were negatively impacted in 1H FY22 due to a steep decline in iron ore prices along with a widening of discounts. However, the duo stabilised in 2H FY22. Meanwhile, with record lithium prices, first earnings from the conversion of Mt Marion spodumene concentrate into lithium hydroxide and record growth in the Mining Services division helped the company deliver a solid second-half performance. 

Other details from the FY22 results include:

• Underlying NPAT stood at AU$400 million, down 64 % from the prior corresponding period (pcp).
• FY22 revenue was $3.4 billion, down 8% on pcp
• Statutory NPAT stood at AU$351 million, down 72% on pcp. 
• Operating cash flow for the period was AU$344 million. 
• MIN declared a fully franked final dividend AU$1.00 per share, payable 23 September 2022 to shareholders.
• Record production volumes of 274Mt from mining services.

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