IGO Limited Faces Steep Profit Decline in FY24

IGO (AU:IGO) has released an update.

IGO Limited reports a significant drop in revenue and profits, with revenue down 18% and profits plunging 99% from the previous year. The decline is attributed to lower lithium joint venture profits, decreased sales and prices in their Nova Operation, and a transition of the Forrestania Operation into care and maintenance due to increased costs and seismic activity. Despite these setbacks, the company declared a total FY24 dividend of 37.0 cents per share, which is reduced from FY23’s total dividend of 74.0 cents.

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