Independence Group NL Improved 1H17 results but lowered guidance

Improved 1H17 results but lowered guidance: Independence Group NL (ASX: IGO) released its 1H17 results entailing profit after tax of A$20.2 million against 1H16 loss of A$77.8 million. Higher underlying EBITDA and revenue, with the non-recurrence of costs from the previous corresponding half-year relating to impairment of exploration assets and acquisition and integration costs of Sirius Resources Ltd (Sirius) has helped the group in terms of performance improvement. Higher realised base metal prices led to a 2% growth in revenue of A$223.1 million against 1H16 revenue of A$218.8 million, while the group witnessed lower product sales during the period. Cashflow from operations moved up by a combined 30% while operating cash flows of A$25.6 million were reported to be affected by the payment of stamp duty taxes to the Western Australian State Government.

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