Western Areas (WSA) released FY18 financial results with revenue of $248m, EBITDA of $84m and underlying NPAT of $12m, versus Argonaut’s forecasts of $237m, $92m and $12.2m respectively. NPAT decreased $7.5m or 39% Y-on-Y, however underlying NPAT rose $23.4m after removing asset sales realised in FY17 (Bluejay Plc and Kidman Resource to the sum of $30.8m). Revenue, which increased 16% Y-on-Y, benefited from A$1.48/lb higher realised nickel prices, partly offset by an 11% decrease in sales volumes. WSA retains a strong balance sheet $152m cash and no debt.
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