Lynas Rare Earths: Reveals record financial year results

Lynas Rare Earths Reveals record financial year results

• Lynas Rare Earths (LYC) reveals a 244 per cent profit jump and doubles its revenue for the full year ending June 30, 2022
• The rare earths producer reveals its yearly revenue climbed 88 per cent on last year’s results to $920 million
• The company’s net profit after tax soared to $540.8 million, a whopping 244 per cent increase on last year’s $157.1 million takings
• The company maintains the title of world’s largest rare earth processor outside of China, and holds enough cash to finance the $500 million expansion of the Mount Weld mine
• Lynas RareEarth shares are up 2.35 per cent and trading at $9.13 at 2:04 pm AEST