Western Areas NL
TSX : WSA
ASX : WSA

Western Areas NL

February 08, 2010 08:00 ET

Western Areas Announces December 2009 Interim Profit Guidance

PERTH, AUSTRALIA--(Marketwire - Feb. 8, 2010) - Western Areas NL (TSX:WSA)(ASX:WSA) -

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In accordance with ASX Listing Rule 3.1 (Continuous Disclosure), the Board of Western Areas wishes to advise an expected significant increase in earnings for the 6 months ended 31 December 2009 interim result when compared to the previous corresponding period. The following table is a summary of the expected variation in results for the half year:

  Dec Interim 2009 Estimate Dec Interim 2008 Actual
Financials    
Gross revenue (A$m) 107.3 44.4
Profit/(loss) before tax (A$m)   16.9  (16.3)
Net profit/(loss) after tax (A$m)   10.7  (12.3)
Production    
Nickel (tonnes in concentrate) 5,874 4,261

The December 2009 Interim earnings result has increased due to increased nickel sales, a higher average nickel price per pound received for sales and infrastructure access fees received by the Company as part of the Lounge Lizard access agreement.

The December 2009 interim consolidated financial results displayed above are still subject to the completion of the half year audit by the Company's Auditor. 

The Company expects to release the interim results by the middle of February and subject to bank lenders consent should be in a position to announce a dividend at that time. The company dividend policy remains as 50% of net profit after tax.

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