Lynas (ASX: LYC) ramps up production capacity to meet growing demand for rare earth material.

Wed 23 Aug 23, 10:21 AM | Team Kalkine

Highlights

Lynas Rare Earths Ltd (ASX: LYC) is a rare earth materials producer with a processing plant in Malaysia, from where it transports its output to manufacturing markets in the United States, Europe and Asia.

The ASX-listed materials company is registering production growth in the last four quarters.

During the first half of the financial year 2023 (1HFY23), the company delivered 17.5% on pcp (previous corresponding period) growth in revenue to AUD 370 million. At the same time, the net profit after tax dropped by 4.3% on pcp to AUD 150.10 million due to increased costs (especially for chemical inputs) and production challenges. The period saw growth in demand and mitigation of cost pressure with increased operational efficiencies. Here is the historical financial performance of LYC:

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