Australian mining company IGO has announced a significant increase in its full-year net profit, despite facing a substantial impairment charge. The company's strong earnings from an Australian lithium joint venture have helped drive this growth.
For the year ended June 30, IGO reported a net profit of AUD 549.1 million, marking a 66% increase from the previous year's AUD 331 million. However, it is important to note that this figure includes an impairment of AUD 968 million incurred from the acquisition of Western Areas.
Excluding this impairment and other items, IGO's underlying profit amounted to AUD 1.53 billion, a significant rise from the previous year's AUD 404 million.
Matt Dusci, the acting CEO of IGO, commented on the company's successful financial performance, stating, "The delivery of record financial performance during FY23 has clearly demonstrated the transformation of IGO and our success in pursuing a strategy of being aligned to clean energy metals."
"That being said, FY23 has been a remarkable year for IGO, achieving record revenue, EBITDA, and net profit", Dusci added.
Moreover, the company's directors have declared a final dividend of 44 Australian cents per share, as well as a special dividend of 16 cents.
Overall, IGO's impressive results reflect its commitment to clean energy metals and its dedication to financial growth.