Aquila lodges small loss for FY2012

Iron ore and coal miner Aquila Resources has reported a net loss of $238,000 for the year ended June 30, down from a $3.1 million profit in financial year 2011.

Aquila announced on Friday that revenue from coal sales was up to $197 million, from $133 million in FY2011.

The results include $14.9 million in exploration and evaluation spending, up from $13.1 million the previous year.

The final results from Aquila’s 50 per cent stake in the Isaac Plains coal mine, which it offloaded in July, were also part of the report.

Following setlement of the sale of Isaac Plain son July 12, Aquila said it had cash and assets of around $500 million.

The company is also progressing the sale of its 24.5 per cent take in the Belvedere hard coking coal project in Queensland.

Aquila said it was in the precess of appointing a determining valuer, which will set the final sale price payable by Brazilian mining giant Vale for the stake in the project.

Aquila Resources stocks were up 3 per cent at 12:15PM, WST, trading at $2.31.