Australia’s Lynas Rare Earths (ASX: LYC) reported a sharp rise in annual profit on Wednesday, supported by record average selling prices of rare-earths oxide and robust demand.
The largest rare-earths producer outside China logged a net profit after tax of A$222.4 million ($159.31 million) for the year ended June 30, compared with A$8 million a year earlier.
That missed a Visible Alpha consensus estimate of A$242.5 million.
($1 = 1.3961 Australian dollars)
(Reporting by Anjali Singh in Bengaluru; Editing by Subhranshu Sahu)