The company reported an underlying net profit after tax of US$25.7 million, above consensus of $24 million, and a statutory net profit of $1.9 million, down 59% due to impairments and when excluding discontinued operations.

Orocobre's 66.5%-owned Olaroz lithium facility in Argentina achieved full-year production of 12,470 tonnes of lithium carbonate, up 5%, with revenue rising by 24% to $148.9 million thanks to higher prices.

The operation sold 11,837t of lithium carbonate at an average price of $12,578 per tonne free-on-board.

Costs were $4194/t, generating gross operating margins of 67%.

Earnings before interest, tax, depreciation, amortisation, impairment and foreign exchange loss rose by 33% to $94.6 million.

Orocobre had a group cash balance of $316.7 million at June 30, and net cash of $229 million.

The company has forecast FY19 production from Olaroz to be higher than FY18, but wouldn't expand on that with a figure.

The average price received so far in FY19 has averaged around $14,000/t.

Works on the $285 million Olaroz stage two expansion to 42,500t per annum is underway with $40 million committed from operating cashflow prior to the final investment decision.

The investment decision is expected shortly with the project set to commission in early 2020.

Orocobre and partner Toyota Tsusho are also progressing plans for a 10,000tpa lithium hydroxide plant to be built in Japan at an estimated cost of $60-70 million.

Speaking on a conference call this morning, Orocobre managing director Richard Seville said the Cauchari joint venture with Advantage Lithium was a "third leg" of growth.

"We have a clear path towards growth," he said.

Seville noted there had been some softening in the lithium market so far this financial year, but noted that the majority of Orocobre's contracts were entered into on a 12-month basis.

"The market may well have some softness but that's based on short-termism, rather than long-termism," he said.

Orocobre commercial executive Tara Berrie said market fundamentals were still strong.

"Like our fellow South American producers, we believe lithium demand growth will continue at or above a 20% compound annual growth rate to 2025," she said.

Orocobre shares were unchanged this morning at A$4.13, valuing the company at just over $1 billion. The stock traded as high as $7.44 in January.