06:29 AM EDT, 05/31/2024 (MT Newswires) -- Champion Iron ( CIAFF ) overnight Thursday reported a 71% decrease in fourth-quarter net income as revenue declined.

Net income for the three months ended March 31 came in at 28.5 million, or $0.05 per share, down from $88.2 million, or $0.17 per share. Revenue decreased 28% to $332.7 million from $463.9 million. Ebitda dropped 57% to $85.1 million from $195.7 million.

The company mined and hauled 16.0 million tonnes of material, up 12% from 14.2 million tonnes. Champion Iron ( CIAFF ) attributed the increase to the contribution of additional equipment, a higher utilization and availability of mining equipment, and reduced trucking cycle time associated with the construction of additional ramp accesses.

Fourth-quarter production was 3.3 million wet metric tons, up 6% year over year.