BC Iron $7.7m Profit 1H2013

Iron Ore Company, BC Iron (ASX:BCI) have announced its half year financial results for 2013 to its shareholders and investors on the Australian stockmarket.

• BC Iron Net Profit is $7.7 million, up 40 percent from $5.5 million.
• BC Iron managing director Mike Young said, "The lower than expected iron ore price during the period had a detrimental impact on the bottom line for the half but we also crushed and therefore exported less tonnes than planned following the crusher upgrade and commissioning in this period."
• MD Young also said, "The transaction with Fortescue was significant to BC Iron as it has increased our attributable production from 2.5 million tonne per annum to 4.5 million tonne per annum an 80% increase."
• BC Iron had increased its stake in Nullagine Joint Venture (NJV) to 75 percent with JV partner Fortescue.
• BC Iron iron ore sales of 2.3 million tonne from NJV up from sales in 2011 of 1.1 million tonnes.
• BC Iron declared an interim dividend of 5 cents per share.