Mineral sands producer Iluka Resources (ASX:ILU) said its revenue for the first nine months of the year had fallen over 50% as a result of the global economic crisis.
The company recorded revenue after currency hedging of $300.4 million for the year-to-date ending in September, compared to $611.4 million from the corresponding period last year.
But Iluka said it saw signs of improvement in Q3, with revenue growing 30% quarter-on-quarter to $151.1 million.
Because a disproportionate amount of Iluka’s sales take place in Q4, the company remains hopeful it can still reach its full-year sales targets, so long as the economy enters a period of sustained recovery.
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