Prosperity Minerals full year results

Prosperity Minerals full year results
Published: 08 July 2010

Prosperity Minerals Holdings Limited reported a 31 per increase in revenue to US$849m for the year ended 31 March 2010 against US$647.7m a year earlier. EBITDA fell two per cent to US$43.5m and there was a 65% increase in operating profit to US$35.6m. The company registered a 140% increase in profit before tax to US$18.5m.
 
Profit from discontinued cement operations contributed US$20.4m (against a loss of US$4.9m in 2009).

Prosperity has retained its 33.06% interest in Anhui Chaodong Cement Company post disposal of the cement business. During fiscal 2009/10, ACC contributed an attributable profit of US$0.1m (2009: loss of US$4m).
 
The company delivered successful expansion of production capacity from 13.8Mt in 2006 to 22Mt in 2009.  The new production facilities under construction were expected to expand gross capacity to over 30Mt by fiscal 2012.
 
On 24 May 2010, the company announced that it had entered into an agreement to buy a 25 per cent interest in Liaoning Changqing Cement Co. Limited from its former joint venture partner. Prosperity had sold its former 75 per cent interest in Liaoning Changqing to TCCI as part of the sale of the cement business.