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Atlas Iron delivers FY17 revenues of $871.1M as turnaround gathers pace

Atlast sold each tonne of iron ore for $61 in FY17, up from $55 in FY16.
Atlas Iron delivers FY17 revenues of $871.1M as turnaround gathers pace
The company has demonstrated its ability to generate strong cash flow

Atlas Iron Ltd (ASX:AGO) is starting to build some momentum, with financial year 2017 results highlighting growing revenue, and importantly reducing debt.

The full year results have revenue up 11% to $871.1 million compared to the previous year, helped by a rising iron ore price.

Net operating cash flow jumped 394.5% to $153.8 million.

The debt reduction strategy continues, with the Term Loan B down 43% to $103 million.

Iron ore shipments fell 0.7% to 14.4 million tonnes, as additional production at Mt Webber replaced product from Wodgina which closed.

The C1 cash cost increased 2.9% to $35 per tonne, which Atlas said increased due to increased haulage costs from Mt Webber.

Earnings

- Underlying cash gross margin up 56% to $152.7 million;
- Underlying EBITDA up 56% to $116.3 million
- Underlying profit increased to $88.5 million (2016 ($57.7 million)); and
- Statutory Profit increased to $207 million (2016: ($159 million)).

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