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Champion Iron Ltd (ASX: CIA), which produces high-grade iron ore concentrate, failed to impress market participants with its FY23 results as higher operating costs impacted its profit. As a result, CIA shares fell nearly 7% in two days through 1 June 2023 after the company reported its FY23 earnings.

For FY23, the company reported a net profit of AUD 200.71 million on revenues of AUD 1,395 million, compared to a net profit of AUD 522.6 million on revenues of AUD 1,460.8 million in FY22. Even with a 4% annual decline in revenue, CIA's net profit tanked by 62% in FY23. This was primarily because of a 79% jump in its cost of sales to AUD 823 million.

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