West Perth-based Mount Gibson Iron Ltd has recorded a net profit increase of 103 per cent for the 2006-07 financial year, during which time it acquired Aztec Resources Ltd and divested Asia Iron Holdings.
The company recorded a net profit of $47.8 million, up 103 per cent from the $23.5 million recorded the previous year, with sales revenue of $165 million, up 119 per cent on the previous year.
Mount Gibson shareholders earned 7.3 cents per share, up from the 6 cents earned the previous year, despite the issuing of 378.5 million shares to Aztec shareholders in November.
Net assets now total $454 million, up 316 per cent on the previous financial year to June 30.
Earlier this month, Western Australian Environment Minister David Templeman advised that the Mt Gibson (Extension Hill) iron ore and infrastructure project could proceed, and was not conditional on the remaining ridges of banded iron formations in the Mt Gibson area that contain rare flora.
Approval by the state and federal governments for the project is expected by late September.
Mount Gibson Iron closed two cents, or 1.38 per cent, higher at $1.47.
