19/02/2010 - 08:32

Minara tips profit turnaround to $48.5m

19/02/2010 - 08:32

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Nickel miner Minara Resources says it expects to book a profit of $48.5 million for calendar 2009 on the back of higher revenue and a drop in production costs.

Minara tips profit turnaround to $48.5m

Nickel miner Minara Resources says it expects to book a profit of $48.5 million for calendar 2009 on the back of higher revenue and a drop in production costs.

The profit expectation compares with a $19.8 million loss after tax reported for calendar 2008.

Revenue is projected to increase from $425.4 million to $446.1 million.

"Additionally, during the year, Minara finalised its Research and Development taxation returns for the years 2007 and 2008 which has contributed to a tax benefit of $11.2 million," Minara said.

The company, which operates the Murrin Murrin mine in Western Australia, will release its yearly results later this month.

Shares in Minara dropped one cent to 71c at 11:11 AEDT.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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