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Iluka books loss on back of write-downs

ILUKA Resources announced a net loss after tax of $85.9 million, a result largely brought about by asset write-downs and provisioning costs of $217.8 million. The profit figure is in stark contrast to 2004’s after tax net profit of $94.8 million. Western Australian operations’ EBIT declined by 10.4 per cent to $84.5 million. Excluding the one-off charges, the 2005 after-tax net profit increased by 39.1per cent to $131.9 million. The one-off charges relate to non-cash write-downs in the carrying value of the mid-west WA operations of $67.3 million (after tax) and the Murray Basin assets to the tune of $61.6 million after tax. Write-downs and provisioning costs of $88.9 million after tax associated with the staged closure of the Florida/Georgia operations in the US, were also factored into the result. Notwithstanding the write-downs, the company generated strong operating cash flows of $227 million in 2005. The results were headlined by an increase in sales revenue of 12.4 per cent to $921 million, attributed to higher zircon prices and higher overall mineral sands sales.

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