Sally Malay half year profits up 330% to $32.7m
You have no credits left. To view this article subscribe to Business News.
You have used {{points}} and have {{current_points}} remaining. Your credits will reset on {{reset_date}}.
This article is part of a special report and is available to paid Business News subscribers only.
You can purchase access to this special report or subscribe to Business News.
You can purchase access to this special report or subscribe to Business News.
This article is premium content and is available to paid Business News subscribers only.
Subscribe to Business News.
Subscribe to Business News.
Wednesday, 28 February, 2007 - 15:12
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.