Panoramic flags $5m dip in profits

Panoramic Resources has flagged an interim profit of $18 million, down from $23.1 million in the previous corresponding period on the back of reduced nickel production.

Panoramic said nickel production was down 5 per cent on the prior half year, taking net revenue down to $125 million, from $133.7 million.

According to a statement released to the ASX, the profit forecasts are in line with Panoramic's internal expectations.

At 01:40PM (WST) Panoramic shares were down 0.8 per cent, trading at $2.46.