Mineral Resources FY profit up 28%

By Mitchell Neems

Mineral Resources has recorded a lift in full-year profit as a strong increase in iron ore exports offset the recent sustained decline in the price of the commodity.

In the year to June 30, Mineral Resources recorded a 28 per cent lift in net profit to $231 million from $180m in the year prior.

Operational net profit — which excludes an impairment charge on the group's investment in Aquila Resources Ltd — rose 38 per cent in the period to $249m, well ahead of market expectations of $235. 1m.

Mineral Resources chairman Peter Wade said the business was well positioned to take advantage of the market conditions "with the operational and financial strength to embrace plans for growth in its chosen sectors".

During the year, Mineral Resources acquired a 12. 78 per cent stake in Aquila and subsequently held discussions about an all scrip off-market bid for Aquila's remaining at $3. 75 per share.

Read more here: Business Spectator


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