MinRes posts $201m profit

Diversified business Mineral Resources has delivered a turnaround result for the 2017 financial year, along with a higher dividend payout.

Perth-based MinRes revealed a net profit of $201 million for FY17, recovering from a $24.8 million net loss in FY16.

Revenue was up 23.8 per cent to $1.45 billion, with earnings before interest, tax, depreciation and amortisation up 62 per cent to $464 million.

It also declared a final dividend of 33 cents per share, increasing its total payout for FY17 to 54 cents per share.

In FY16, it delivered a total dividend of 29.5 cents per share.

“The financial results continues to reflect the financial strength and stability of the group’s core mining services business together with its ability to successfully bring new services and commodity projects online in record time,” managing director Chris Ellison said.

“The impact of the growth delivered this year will be seen in FY18 and beyond as the company creates long term earnings capacity through the development of world class resources assets.”

Shares in MinRes were 2.9 per cent higher to $13.87 each at the close of trade.