Sally Malay half year profits up 330% to $32.7m

Perth-based nickel sulphide producer Sally Malay Mining Ltd has increased its first half net profits by 330 per cent to $32.7 million, helped by the company's growing Lanfranchi project and rises in the nickel price.

Company earnings increased to 17.7 cents per share, with a pre-tax cash flow of $39.8 million, a new record for the company.

The profit was made all the sweeter by the company's recovery from a pre-tax market-to-market loss of $23.1 million due to be brought to account during the period.

The loss related to the original project financing and were a pre-condition of drawdown of the senior bank debt.