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Australia's Atlas back in black as iron ore output rises

Reuters - UK Focus

SYDNEY, Aug 28 (Reuters) - Atlas Iron on Thursday posted A$9 million (US$8.4 million) in underlying annual after-tax profit attributable to shareholders compared with a year-ago loss as sharply higher production offset lower iron ore prices.

"Our operations have met or exceeded all production and cost targets, with further gains forecast for this financial year," said Atlas Managing Director Ken Brinsden.

Atlas, Australia's fourth biggest iron ore producer in tonnage mined, produced 10.9 million tonnes of iron ore in fiscal 2014 ended June 30, up 47 percent on the previous fiscal year.

Revenue in fiscal 2014 rose to A$1.1 billion, up 58 percent against the previous year. (U.S. $1 = 1.0714 Australian dollar) (Reporting by James Regan, editing by G Crosse)