Pilbara Minerals (ASX:PLS) first-half profit reported a 78% drop due to weak lithium prices.

To preserve capital for further investment, the company has not declared any interim dividend.

The underlying profit post-tax stands at A$273 million for the six months ending on Dec.

31, showcasing a stark contrast against the A$1.24 billion reported the previous year.

In the previous year, the company declared an interim dividend of 11 Australian cents per share.

This marked theirs first dividend declaration in 15 years post their public debut.

Pilbara Minerals (ASX:PLS) is Australia’s leading pure-play lithium miner.