Perilya announces 2008 Full Year Report
Perilya
(ASX:PEM) today released its financial results for the year ending 30 June
2008, reporting a net loss after tax of $140.2 million after one-off impairment
write downs totalling $188.2 million (pre tax) associated primarily with its
Broken Hill zinc and lead operation. Excluding the effect of one-off
items, the underlying net loss after tax attributable to members of the company
was $22.1 million.
The results reflect the challenging
period of the past 12 months that saw metal prices fall significantly giving
rise to Perilya's recent decision to resize the Broken Hill Operation to focus
on a lower production and cost profile. (ASX
Release 21 August 2008).
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Underlying net loss after tax
of $22.1 million? Impairment write downs on the carrying value
of mine property, plant and quipment and exploration assets of $188.2 million
(pre tax) due primarily to the resizing of the Broken Hill Operation?
Resized and focussed on
sustaining a financially viable operation during the low metal prices
environment? Positioning to re-establish increased
production and profitability when metal prices increase
? Zinc production was 91,295
tonnes and lead production was 52,412 tonnes for the year. (FY07: 92,100 tonnes
of zinc and 60,500 tonnes of lead).
Going forward we
are resizing the Broken Hill Operation, reviewing the development opportunities
for the Mount Oxide copper project, other non-core assets, and Perilya's
capital management.
The
Full Financial Year Media Release and the Detailed Preliminary Final Report
made today to the Australian Stock Exchange can be viewed on the PEM website by
clicking here. For further information:
Investors:
Patrick O'Connor, Executive
Chairman
Media:
Darryl
Edwards, Company Secretary
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Perilya Limited
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Phone :
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(+61) 8 6210 2000
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Fax :
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(+61) 8 6210 2099
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Background to Perilya
Perilya Limited is a leading Australian base metal
mining and exploration company. It is an S&P/ASX 200 listed company.
Perilya owns and operates the iconic Broken Hill zinc, lead and silver mine in
New South Wales, Australia and the Beltana high grade zinc mine in South
Australia. The company is strengthening its project pipeline with an
exploration decline at the Potosi deposit in Broken Hill, exploration at the
Mount Oxide copper deposit in Queensland and the Flinders Project in South
Australia. Perilya has a strong balance sheet with low debt levels and is
actively seeking growth opportunities through acquisition.
For more details, visit www.perilya.com.au
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