Iluka's profit takes another hit

Mineral sands miner Iluka says one off costs will reduce its annual profit to about $18 million.

Mineral sands miner Iluka's annual profit is set to be further eroded by a reduction in the value of equipment it is not currently using.

The company said it expects to report an unaudited net profit of $18 million for the 2013 calendar year, after including $45 million in one off costs.

The company will write down the value of equipment that is currently idle by $28 million, and recognise $13 million in provisions for the rehabilitation of mines also not in use.

After making a net profit of $363 million in 2012, Iluka made a profit of just $34 million in the first half of 2013 as falling demand for its mineral sands sent prices plummeting.