Mineral Resources posts 134% profit rise

Mining services company Mineral Resources Ltd has reported a net profit of $47 million for the 2008 financial year, up 134 per cent from the previous year.

The Bibra Lake-based company said result is reflected in a 129 per cent increase in earnings per share to 38.7 cents.

The earnings were on the back of revenue of $245 million, up 65 per cent from the previous year.

"The outlook in the Mineral Resources business segment continues to be very positive with the resources markets in steel making minerals, specifically iron ore and manganese, growing strongly in demand and pricing which reflects the supply/demand equation," managing director Peter Wade.

"This market outlook is expected to continue through 2009 as a result of demand from China and the other developing Asian and sub continent economies although restrained demand is anticipated in the USA and Europe."

The directors have declared a final dividend of 13.35 cents, taking the total dividend for the year to 19.35 cents per share.