AU market earnings: Pilbara reports 89% profit decline amid lithium price drop
Pilbara Minerals' profit plunged 89% to $257 million as lithium prices tumbled. Revenue dropped 69% to $1.2 billion, and the company secured a $1 billion debt facility.
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This video was created on 26 August for IG audiences by ausbiz.
Significant drop in profit and revenue
Pilbara Minerals reported an 89% drop in full-year profit, falling to $257 million, as a result of declining lithium prices. The company also experienced a 69% decrease in revenue, bringing it down to $1.2 billion.
In response to these challenges, Pilbara Minerals secured a $1 billion debt facility to strengthen its balance sheet. Despite the market volatility, the company remains committed to maintaining its position in the lithium sector.
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