Prosperity Minerals Holdings Ltd. reported a 67 per cent higher third-quarter pretax profit on a 120 per cent rise in revenues and said that it expects its full year results to be in line with market expectations.
The China-based cement and iron ore business posted a pretax profit of US$25.5m for the three months to Dec. 31, 2007, compared with US$15.3m in the comparative quarter of 2006, on revenues of US$174.8m compared with US$79.3m.
For the nine-month period to Dec. 31, 2007, Prosperity Minerals’ pretax profit rose by 39 per cent to $50.2m, on a 57 per cent rise in revenues to $383.3m.
The company said demand for cement and iron ore in China remains strong, and that four cement expansion plans are underway.
This will increase the cement and clinker output under Prosperity’s control, including the equity interests of its partners, by 80 percent to 30Mta by the end of 2009, the company added.