Robb's pay cut on Iluka profit slump
Iluka Resources managing director David Robb has signed off on what he described "a challenging period" with a 22 per cent drop in his 2013 full-year remuneration,
The mineral sands miner's annual report, released yesterday, declared that Mr Robb received total pay when factoring in salary and short and long-term benefits of $4.3 million, compared with $5.5 million in 2012.
The reduction in remuneration for Mr Robb, one of WA's best-paid executives, was in line with that experienced by the managing director's senior executive team.
The past year has been a tumultuous one for Iluka, with tough market conditions, particularly in zircon, playing havoc with its fortunes.
Iluka's net profit for the year to December 31 was down 95 per cent to $18.5 million, affected by an average 41 per cent fall in prices received per tonne of zircon, rutile and synthetic rutile as well as $41 million in non-cash asset impairments.
Iluka's shares closed up 4¢ at $9.70 yesterday. Highlighting the company's year of fluctuating fortunes, the shares traded as high as $11.86 in September before falling to $8.11 in December.
Iluka was one of the Australian sharemarket's best performers in 2011, with its shares almost reaching $20, on the back of soaring mineral sands prices that delivered earnings before interest, tax, depreciation and amortisation of $979.3 million.
Last year's Iluka EBITDA was $295.2 million, despite an $87.9 million contribution from its Mining Area C iron ore royalty.
