Australia-based iron ore company BC Iron Limited has reported net underlying profits of $13.3m for the first half of the fiscal 2013.
The profits conclude over two-fold growth when compared to underlying profits of $5.5m during the same period of 2011.
Post-tax profits for the period were $7.7m, as against $5.5m grossed during the corresponding period of previous year.
Commenting on the results BC Iron managing director Mike Young has attributed the soft performance of the company during the period to low iron ore prices and difficult market.
"The lower than expected iron ore price during the period had a detrimental impact on the bottom line for the half, but we also crushed and therefore exported less tonnes than planned following the crusher upgrade and commissioning in this period," added Young.
The company had raised its stake in Nullagine Joint Venture (NJV) to 75% with joint venture partner Fortescue now expects a throughput of 6 million tonnes per annum during fourth quarter of the fiscal.
"The transaction with Fortescue was significant to BC Iron as it has increased our attributable production from 2.5Mtpa to 4.5Mtpa – an 80% increase," revealed Young.
During the six months period, the company has reported iron ore sales of 2.3 million tonnes from NJV, when compared to sales of 1.1 million tonnes in 2011.
Meanwhile, with the iron ore prices strengthening, BC Iron expects a stronger performance during the second half of the fiscal 2013.