CGA Mining posts $US75.2m pre-tax profit

CGA Mining has recorded a significant increase in revenue for the 2010 financial year.

CGA has posted a $US75.2 million pre-tax profit up from a $US5.5 million loss for the 2009 financial year.

Yesterday CGA announced it has significantly ramped up production at its Masbate Gold Project in the Philippines.

The company said the maiden year of operations at the project was highly successful.

CGA's total revenue was $US158 million up from $US2.3 million for the previous corresponding period.

"The financial position of CGA at year end reflected a material improvement from 2009, with a significant increase in cash whilst in the same period achieving a material reduction in debt," CGA said in a statement to the Australian Securities Exchange.