Moly reports FY net profit of over $4m

West Perth-based Moly Mines Ltd has reported a net profit of $4.3 million for the 2008 financial year, a turnaround from the previous year's net loss of $757,131.

In its full year report, Moly reported earnings per share of 5.65 cents, up from the previous year's net loss of 1.6c per share.

The company largely attributed the turnaround in net profit to the sale of all the shares in subsidiary Big Island Mining, which held Moly's gold interests in New South Wales.

At the end of fiscal 2008, Moly had cash and cash equivalents of $48.6 million.

The company is currently focused on developing its Spinifex Ridge molybdenum project in Western Australia and is finalising the documentation for a $180 million interim financing deal with an unnamed North American institution.