Aditya Birla higher on $61m profit tip

Shares in Aditya Birla Minerals have risen after the base metals miner today said it expects an annual profit after tax of $61 million, a turnaround from the $76 million loss from the previous year.

The company today posted its unaudited results for the year ending March 31 2010, where it showed that earnings before interest and tax is expected to reach $93.2 million, compared to a $103.6 million loss the previous reporting year.

During the 12 months, the company produced 57,093 tonnes of copper in concentrate from its Nifty and Mt Gordon operations in Western Australia and Queensland respectively, down from the previous year's 67,415t.

Shares in Aditya climbed nine cents, or 8 per cent, to a high of $1.215 before easing to $1.16 at 15:42 AEST.