www.4-traders.com/...as-Revenues-Increase-74-Percent-20717627/
Australian rare earths miner Lynas (ASX: LYC) released its quarterly activities report at the end of last week, and shareholders have reacted well to the latest piece of Lynas news.
For the quarter, the company increased its gross sales revenue by 74 percent, to AU$51.9 million, a record high for the miner. Furthermore, Lynas reported AU$6.4 million in positive free cash flow, up from AU$191,000 in the previous quarter.
More importantly, Lynas more than doubled its annual revenue, reporting AU$148.6 million in gross sales revenue for the financial year ended June 30. It earned just AU$66.2 million in 2014.
Part of that was driven by higher production volumes — Lynas produced roughly 8,799 tonnes of rare earth oxides for the year, more than doubling its output from 2014 (3,965 tonnes).
Lynas’ share price was on the rise for most of last week ahead of Friday’s news, but it jumped to AU$0.047 Friday morning before settling at AU$0.038. A total of 98 million shares traded hands that day, just under 10 times the daily average for Lynas. Overall the company has gained 15 percent in the past week.
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