19/02/2010 - 10:07

Sell-off boosts Straits' bottom line

19/02/2010 - 10:07

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Miner Straits Resources has recorded a first-half profit of $10.1 million, boosted by the final payment for the sale of its majority interest in a company to a Thai entity.

Sell-off boosts Straits' bottom line

Miner Straits Resources has recorded a first-half profit of $10.1 million, boosted by the final payment for the sale of its majority interest in a company to a Thai entity.

The interim profit result compared to the $106.7 million net loss recorded for the six months ending December 2008.

In its report released today, Straits said the net profit result included an additional net gain of $28.6 million after it received the final, full deferred payment of $US115 million from PTTEP for the sale of its 60 per cent interest in Straits Bulk and Industrial Pty Ltd, which has been renamed PTT Asia Pacific Mining.

Straits still retains an interest in PTT Asia Pacific Mining, and earned a profit of $14.6 million from the investment.

Total sales revenue slumped from $753 million to $227.7 million.

During the period, Straits reported operational bottlenecks at its Mt Muro and Hillgrove mines, while cash costs were higher at its Tritton copper mine in New South Wales.

The directors have not declared a dividend.

 

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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