Magontec Limited Faces Challenges, Remains Hopeful

Magontec Limited (AU:MGL) has released an update.

Magontec Limited reported a half-year net loss of $4.9 million after tax, excluding a Qinghai impairment loss, as challenging market conditions persist. The company’s net cash position improved to $9.5 million, and it generated $2.5 million in operating cash flow, despite the closure of its Qinghai magnesium alloy cast house. Magontec remains optimistic about its cathodic corrosion protection business and continues to seek strategic acquisitions and partnerships.

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