OM Holdings profit more than doubles

At a time when most companies are reporting lower profits, manganese miner OM Holdings has delivered a record annual earnings result, which jumped 103 per cent compared to the previous year.

For the 2008 calendar year, OM reported net profit after tax of $115.6 million, up from the 2007 result of $56.9 million.

The miner cited strong manganese prices, which peaked in the third quarter of 2008, for the record result, which offset the suspension of shipments by OM in the fourth quarter.

Additionally, "exceptional" results from its marketing and ferro-alloy business units also contributed to the record profit.

Sales revenue for the reporting period jumped 98 per cent to $574.1 million and the directors have declared a final dividend of three cents per share.

The company operates the Bootu Creek manganese mine in the Northern Territory.

Shares in OM were unchanged at $1.005 at 12:19 AEDT.