Australian minerals and metals firm OM Holdings reported a record full year profit of $115.6 million, more than double its previous result.
Sales revenues increased 98 per cent to $574.1 million and operating profit was up 121 per cent to $243.1 million.
Each of the company's three divisions had contributed to the solid result. The Bootu Creek manganese mine in the Northern Territory, the Singapore based marketing, trading and logistics business and the Qinzhou smelting business in China all achieved record operating profits after tax.
Chief executive Peter Toth said a revised production plan at Bootu Creek and ongoing cost control initiatives would position the company well for a recovery in the manganese market.
“While the outlook for the steel industry remains volatile and uncertain, we have seen a recovery in Chinese manganese alloy and ore demand during the first quarter,” he said.
“This has been reflected in our ability to secure more than 150,000 tonnes of contracted sales of manganese ore for the January-March Quarter of 2009."
The company is looking to expand production at Bootu Creek to 1.5 million tonnes a year on a sustained recovery in global markets.
“In addition, we are continuing to aggressively pursue inorganic growth opportunities that will allow us to diversify our product and geographical exposure in the steel-making raw materials segment,” Mr Toth said.
The company said it had cash reserves of $119.3 million with virtually no debt.
Source: The West Australian
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