FY underlying revenue 8.296 bln usd, down 8% (Il Sole 24 Ore Radiocor) - Sydney, 29 Aug - Australian miner South32 said that in the full year ended in June it posted a net loss of 203 million dollars from a loss of 173 million the prior year reflecting impairment charges while lower commodity prices and volumes weighed on underlying earnings.

The group posted a 388 million dollar impairment expenses for Worsley Alumina and a 248 million impairment for Cerro Matoso, partially offset by an impairment reversal for Illawarra Metallurgical Coal of 139 million dollars.

Overall revenue from continuing operations fell 3% to 5.479 billion dollars. Underlying revenue fell 8% to 8.296 billion dollars due to lower average commodity prices and lower production volumes predominantly at Illawarra Metallurgical Coal due to planned longwall moves and at Australia Manganese due to Tropical Cyclone Megan.

Underlying EBITDA decreased 29% to 1.80 billion dollars for a margin of 22.8% as the revenue impacts more than offset a 124 million reduction in the group's cost base. Underlying EBIT decreased by 45% to 886 million dollars. Underlying earnings were 59% lower at 380 million dollars.

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(RADIOCOR) 29-08-24 08:21:17 (0155) 5 NNNN