Panoramic Resources has lodged an $18.2 million loss for the 12 months to June 30, as the falling nickel price and tough market conditions combined with a fall in the value of the company’s investment portfolio to take a big chunk out of the nickel miner’s bottom line.
Panoramic said revenue was down 7 per cent to $233 million, on total production of 19,791 tonnes.
Panoramic said its average cash nickel price was $8.48 per pound in FY2012, down 23 per cent on the previous year.
The loss included $7.2 million in impairments, including $5.3 million associated with a reduction in value of the company’s investments, and a $1.9 million was write-off booked in relation to the non-repayment of a loan by Thundelarra Exploration.
The company elected not to pay a final dividend, after issuing a 2 cents per share interim dividend in March.
“The board of panoramic remains cautious in relation to the short term outlook for the world economy and therefore commodity prices,” Panoramic said in a statement.
“The expectation, however, is for improved business conditions going forward.
“The board and management are committed to ensuring our nickel operations remain competitive in this difficult environment, while at the same time, growing the company.”
At 12:30PM, WST, Panoramic stocks were down 5.4 per cent, trading at 52 cents.