Iluka's 1H a Mixed Bag, But Underlying Fundamentals Remain Strong
Iluka's first-half 2018 net profit after tax of AUD 126 million was more than double the adjusted net profit of AUD 53 million in the first half of 2017 and slightly ahead of our expectations. The uplift was entirely due to higher prices with mineral sands revenue increasing 21% to AUD 607 million despite 3% lower combined zircon, rutile and synthetic rutile sales volumes of 439,000 tonnes. Adjusted group EBITDA was up 80% to AUD 279 million, driven by the higher prices. The contribution to EBIT...Iluka Resources is engaged in mineral sands exploration, project development, operations and marketing. Co. is a producer of zircon and titanium dioxide products, as well as rutile and synthetic rutile products. These products are used in a range of applications. Co.'s segments include Australia, which comprises the integrated mineral sands mining and processing operations in Victoria, Western Australia and South Australia; United States, which includes its mineral sands mining and processing operations in Virginia; and Mining Area C, which comprises a deferred consideration iron ore royalty interest over certain mining tenements in Australia operated by BHP Billiton Iron Ore.
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