Grange Resources has posted a 57 per cent slump in full-year profit to $25.6 million.
The result came on a 15 per cent fall in revenue to $281 million.
However shares in the Tasmania-focused iron ore pellet producer were firmer after it declared a final unfranked dividend of one cent a share as well as a special unfranked dividend of one cent a share.
Grange said it held cash and term deposits of $159.9 million at the end of December.
Managing director Wayne Bould said he was pleased to report the company had successfully regained its focus on the business and met the challenges which confronted the operations during 2013.
"Grange has delivered on its promises to regain access to higher grade ore, improve production and return unit operating costs to long term target levels," he said.
The company is still looking for an equity partner for its stalled Southdown magnetite project near Albany.
Grange said it was reviewing its definitive feasibility study for the project to identify the potential for alternative development models that might be viable.
Grange shares were up 1.7 cents, or 6.42 per cent, to 28.2 cents at 8.35am.