Portman HY earnings up 140%

Higher iron ore prices have driven miner Portman Ltd's net profit up 140 per cent to just over $137 million in its half yearly report for 2008.

The net profit was struck on revenues of $412.3 million, up from the previous corresponding period's $266 million while basic earnings per share more than doubled to 82.5 cents.

At the end of the reporting period, Portman had $80 million cash and cash equivalents on hand, down from $102.8 million.

No dividend has been declared for the first half of the year.

The company expects to produce 8 million tonnes of iron ore in calendar 2008 with 7.7mt from its Koolyanobbing operation and the rest from its Cockatoo Island project.

Sales tonnes are forecast at the same tonnages as production.