Australia's Lynas Rare Earths' Q3 sales revenue falls 58%

Reuters04-24

April 24 (Reuters) - Australia's Lynas Rare Earths

posted a 58.3% drop in its third-quarter sales revenue on Wednesday, hurt by subdued prices for rare earths and increased output in China, a dominant producer, further weighing on demand.

The world's largest producer of rare earths outside of China said its quarterly sales revenue fell to A$101.2 million ($65.64 million)in the three months to March 31, compared with A$237.1 million a year earlier. It missed a Visible Alpha consensus estimate of A$146.3 million, according to Morgan Stanley.

($1 = 1.5418 Australian dollars)

(Reporting by Rishav Chatterjee and Sherin Sunny in Bengaluru; Editing by Rashmi Aich and Shailesh Kuber)

((Sherin.Sunny@thomsonreuters.com;))

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