Lynas Corporation Ltd (ASX: LYC) is one of the top gainers on the ASX200 today, up 5.71% to $2.22, following the release of the company's half year results.
The rare earth miner turned the $19 million loss from operating activities from the first half of FY 2016 into a $63 million profit in the half year ended 31 December 2017.
Revenues grew 75% to $201 million, while costs remained constant at $134 million. The drivers of growth were the increase in sales volume, up 40% to 9,000 tonnes, and the higher average selling price of rare earth oxides, up 23% despite some volatility throughout the period.
Net operating cash flow increased from $6.7 million to $80.2 million and the company strengthened its financial position by cutting its outstanding debt from US$425 million to US$256 million, mainly by converting bonds to share capital. However, Lynas once again declined to pay a dividend.
