Champion Iron Ltd (ASX: CIA) expects to benefit from decarbonization

Wed 07 Jun 23, 08:30 AM | Team Kalkine

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Highlights

On Wednesday (7 June 2023), CIA shares closed 2.28% lower at AUD 6.010 apiece after the company updated about the impact of forest fires in Quebec on its operations.

For FY23, the company reported a net profit of AUD 200.71 million on revenues of AUD 1,395 million.

Despite the drop in net profit in FY23, the company is optimistic about its performance in the future as it foresees significant demand for high-grade iron ore

Champion Iron Ltd (ASX: CIA), which produces high-grade iron ore concentrate, failed to impress market participants with its FY23 results as higher operating costs impacted its profit. As a result, CIA shares fell nearly 7% in two days through 1 June 2023 after the company reported its FY23 earnings.

For FY23, the company reported a net profit of AUD 200.71 million on revenues of AUD 1,395 million, compared to a net profit of AUD 522.6 million on revenues of AUD 1,460.8 million in FY22. Even with a 4% annual decline in revenue, CIA's net profit tanked by 62% in FY23. This was primarily because of a 79% jump in its cost of sales to AUD 823 million.

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