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A profitable financial year

Thirteen of the 20 companies ranked from 21 to 40 in the Business News List of Publicly Listed Companies, returned a profit for the 2000/2001 financial year.

The top five profit spinners from this group of companies, in order from highest to lowest, are Aquarius Platinum $68.18 million, Jubilee Mines $17.44 million, Austal Limited $13.84 million, Gold & Resource Development (GRD) $12.11 million and Hill 50 Gold $11.72 million.

Jubilee Mines and Aquarius Platinum returned the largest percentage increase when comparing current and previous financial year profit/loss figures, with increases in profits of 990.45 per cent and 165.83 per cent respectively.

The other strong performers in this area were Electrotech Investments Limited, which increased profits by 149.95 per cent; Avatar Industries, who turned a loss of $19.14 million into a profit of $7.08 million – an increase of 136.98 per cent – and CTI Logistics, who recorded an increase of 108.34 %.

In terms of market capitalisation, Jubilee Mines and Aquarius Platinum were also strong performers, with Jubilee Mines increasing $15 million to a market capitalisation of $174 million as of December 31 2001, and Aquarius increasing to $628 million from $589 million, according to the Deloitte Touche Tohmatsu list of WA’s Top 150 Companies.

But the strongest gains in market capitalisation from the companies on the Business News list were Hill 50 Gold and GRD. Hill 50 Gold increased its market capitalisation $106 million to $200 million, on the back of a share price that jumped from a low last year of 64 cents to a year-high of $1.48 and is now trading at $1.40.

GRD also enjoyed similar growth, with an increase of $90 million to its market capitalisation taking it to a value of $215 million, as its share price rose from a year-low of 72 cents to last year’s high of $1.55.

The five companies with the biggest losses recorded for the 2000/2001 financial year in this group from the Business News list were Murchison United, Tat Hong Holdings, Ausdrill Limited, A.I. Limited and Straits Resources Limited. These companies posted losses of $30.97 million, $14.90 million, $8.66 million, $4.03 million and $3.51 million respectively.

Murchison United experienced one of the biggest losses among this group, going from recording an operating profit of $18.63 million in 1999/2000 to an operating loss of $30.97 million – a decline of 266 per cent. But they were not the only ones experiencing difficulties A.I. Limited also posted a substantial reduction of 384 per cent, as it slipped from a profit of $1.42 million last year to a loss of $4.03 million.

The loss experienced by Murchison United also significantly affected its market capitalisation, with the company losing $9 million from its value, compared to the 1999/2000 financial year. This is due to the share price falling from a high of $1.65 last year to today’s price of around 80 cents.

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