Sunday, 19 Feb 2012
Thailand's top energy firm PTT Pcl reported a 26% drop in quarterly net profit on Friday, in line with market expectations, as domestic fuel demand was hit by floods and petrochemical and oil margins fell.
Analysts said that earnings at PTT, Asia Pacific's third biggest listed oil and gas firm by market value, are expected to recover in the first quarter and further in 2012 due to improved gas demand and higher contributions from its petrochemical affiliates and upstream unit.
Mr Youssef Abboud senior analyst at Thanachart Securities said that " Beyond Q4, we should see an improvement quarter-on-quarter in gas volume as demand from electricity producers will pick up as the impact of the floods recedes.
State controlled PTT, Thailand's most valuable company, posted an October-December net profit of THB 16.6 billion (USD 540 million), down from a revised 22.49 billion a year earlier and below the 17 billion baht forecast in a poll by Thomson Reuters I/B/E/S.
For 2011, the company posted a record net profit of THB 105.3 billion, up by 25.4% from 83.09 billion in 2010. This compared with a forecast of THB 106 billion.
(Sourced from Reuters)
Showing posts with label net profit. Show all posts
Showing posts with label net profit. Show all posts
Sunday, February 19, 2012
Tuesday, February 14, 2012
Coal India Q3 net rises 54% at Rs 4,038 crore
Tue, 14 Feb, 2012
NEW DELHI: State-run Coal India Ltd registered a 54% rise in net profit for the third quarter at Rs 4,038 crore on high coal prices. The company reported Rs 2,626 crore net profit during same period last fiscal. Coal India's total income increased 21% to Rs 15,349 crore for the quarter from Rs 12,686 crore for the same period a year ago, a company statement said on Monday.
The company had raised coal prices in February last year. It produced 114.62 million tonnes of coal in the third quarter as against 113.77 million tonnes in the same period last year. Coal India said it made an additional provision in third-quarter results for new wage agreement that it signed with on January 31. It plans to make the rest of the provision in the March quarter, the statement said.
The company signed an agreement with its five recognised trade unions to increase wages by 25%. The agreement until June 2016 is expected to add about Rs 4,000 crore the company's annual wage bill ofRs 20,000 crore. Coal India employee benefit expenses in December quarter rose 20% toRs 5,622 crore.
The company's stand-alone net profit grew over 10-fold for the third quarter at Rs 1,219.33 crore. It reported a stand-alone profit of Rs 115.37 crore during corresponding year last fiscal. Coal India's total income increased nearly four times toRs 1,566.23 crore for the quarter from Rs 400.56 crore for the quarter-ended December 31, 2010.
(sourced ET)
NEW DELHI: State-run Coal India Ltd registered a 54% rise in net profit for the third quarter at Rs 4,038 crore on high coal prices. The company reported Rs 2,626 crore net profit during same period last fiscal. Coal India's total income increased 21% to Rs 15,349 crore for the quarter from Rs 12,686 crore for the same period a year ago, a company statement said on Monday.
The company had raised coal prices in February last year. It produced 114.62 million tonnes of coal in the third quarter as against 113.77 million tonnes in the same period last year. Coal India said it made an additional provision in third-quarter results for new wage agreement that it signed with on January 31. It plans to make the rest of the provision in the March quarter, the statement said.
The company signed an agreement with its five recognised trade unions to increase wages by 25%. The agreement until June 2016 is expected to add about Rs 4,000 crore the company's annual wage bill ofRs 20,000 crore. Coal India employee benefit expenses in December quarter rose 20% toRs 5,622 crore.
The company's stand-alone net profit grew over 10-fold for the third quarter at Rs 1,219.33 crore. It reported a stand-alone profit of Rs 115.37 crore during corresponding year last fiscal. Coal India's total income increased nearly four times toRs 1,566.23 crore for the quarter from Rs 400.56 crore for the quarter-ended December 31, 2010.
(sourced ET)
Sunday, November 13, 2011
Coal India Q2 net lower than forecast
Sun Nov 13, 2011
REUTERS - State-run Coal India, the world's largest coal miner, posted a lower-than-expected quarterly net profit of 25.93 billion rupees ($517.3 million) as a price increase in February failed to boost profitability despite higher-than-expected sales.
Coal India, which produces nearly 80 percent of the coal in India, has been unable to meet growing power demand in Asia's third-largest economy from power and steel projects.
The company has said it may miss production targets this year because of delays in environmental clearances at some of its mines.
Coal accounts for more than half of India's power generation, and the country is likely to import 135 million tonnes of coal in the financial year that began April 1, spurred by demand that is forecast to grow 11 percent a year.
India holds about 10 percent of the world's coal reserves, but has struggled to provide enough fuel to its under-performing power sector because of policy challenges ranging from land acquisition to green clearances for mining and tariff subsidy programmes.
The Kolkata-based company said consolidated sales in July-September stood at 131.48 billion rupees.
A Reuters poll of brokerages had forecast a net profit of 28.5 billion rupees for the quarter on net sales of 130.9 billion.
The company, in which the government sold a 10-percent stake for $3.4 billion in the country's largest IPO ever last November, did not provide comparable numbers for the corresponding quarter last year as it was unlisted then.
However, on a half-yearly basis, its consolidated profit rose to 67.37 billion rupees in April-September as compared with 40.2 billion rupees a year earlier, it said.
The company has raised coal prices by 30 percent since February for some of its customers.
Coal India prices coal about two-thirds lower than global prices, in part because of comparatively low quality coal. Despite the price increase, its coal prices remain 30 to 60 percent lower than international rates.
Global thermal coal prices have been trading at about $120 a tonne, more than 20 percent higher than prices a year ago when prices were below $100 per tonne.
Coal India, which this month received government approval for acquiring unlisted coal assets overseas, has been on the lookout for coal mines abroad, but has faced stiff competition from global rivals as well as private sector Indian companies.
The miner, which is negotiating wage increases with its five recognised unions, is expected to effect the next round of price increases once these are finalised.
It is likely to make provision for 25 billion rupees this fiscal year for a likely wage increase, a senior finance official had said earlier.
Shares in Coal India, the country's fourth-most valuable firm at about $41 billion, closed unchanged at 326.10 rupees on Friday.
The stock, which closed at 326.10 rupees on Friday, has risen 3.6 percent in 2011, outperforming a nearly 16 percent decline in the main index. ($1 = 50.1 rupees)
(sourced Reuters)
REUTERS - State-run Coal India, the world's largest coal miner, posted a lower-than-expected quarterly net profit of 25.93 billion rupees ($517.3 million) as a price increase in February failed to boost profitability despite higher-than-expected sales.
Coal India, which produces nearly 80 percent of the coal in India, has been unable to meet growing power demand in Asia's third-largest economy from power and steel projects.
The company has said it may miss production targets this year because of delays in environmental clearances at some of its mines.
Coal accounts for more than half of India's power generation, and the country is likely to import 135 million tonnes of coal in the financial year that began April 1, spurred by demand that is forecast to grow 11 percent a year.
India holds about 10 percent of the world's coal reserves, but has struggled to provide enough fuel to its under-performing power sector because of policy challenges ranging from land acquisition to green clearances for mining and tariff subsidy programmes.
The Kolkata-based company said consolidated sales in July-September stood at 131.48 billion rupees.
A Reuters poll of brokerages had forecast a net profit of 28.5 billion rupees for the quarter on net sales of 130.9 billion.
The company, in which the government sold a 10-percent stake for $3.4 billion in the country's largest IPO ever last November, did not provide comparable numbers for the corresponding quarter last year as it was unlisted then.
However, on a half-yearly basis, its consolidated profit rose to 67.37 billion rupees in April-September as compared with 40.2 billion rupees a year earlier, it said.
The company has raised coal prices by 30 percent since February for some of its customers.
Coal India prices coal about two-thirds lower than global prices, in part because of comparatively low quality coal. Despite the price increase, its coal prices remain 30 to 60 percent lower than international rates.
Global thermal coal prices have been trading at about $120 a tonne, more than 20 percent higher than prices a year ago when prices were below $100 per tonne.
Coal India, which this month received government approval for acquiring unlisted coal assets overseas, has been on the lookout for coal mines abroad, but has faced stiff competition from global rivals as well as private sector Indian companies.
The miner, which is negotiating wage increases with its five recognised unions, is expected to effect the next round of price increases once these are finalised.
It is likely to make provision for 25 billion rupees this fiscal year for a likely wage increase, a senior finance official had said earlier.
Shares in Coal India, the country's fourth-most valuable firm at about $41 billion, closed unchanged at 326.10 rupees on Friday.
The stock, which closed at 326.10 rupees on Friday, has risen 3.6 percent in 2011, outperforming a nearly 16 percent decline in the main index. ($1 = 50.1 rupees)
(sourced Reuters)
Thursday, August 25, 2011
Macarthur Coal announces year end result
Thursday, 25 Aug 2011
The Board of Macarthur Coal Limited announced a record Net Profit After Tax of AUD 241.4 million for the twelve months ended June 30th 2011. This result was in line with earlier NPAT guidance issued by the Company.
The key financial results for the 2011 financial year include:
Ms Nicole Hollows CEO and MD of Macarthur Coal said that “The past twelve months have been extremely difficult, with our operations being substantially impacted by the record rainfall in the Bowen Basin. Force majeure was declared under coal sales contracts for five months as operations were severely disrupted.”
She said “In spite of the reduced production Macarthur's underlying NPAT was marginally better than last year due to the record prices achieved for metallurgical coal in the final quarter of the year. The profits realized on the sell down of Macarthur's interests in Middlemount, under a pre existing option to Gloucester Coal and Codrilla to our existing Coppabella and Moorvale Joint Venture partners speaks to the quality of Macarthur's asset portfolio."
Ms Hollows said that "Looking forward, the impact of the wet weather will continue to be felt in the upcoming year as Coppabella and Moorvale return to normal operations. Due to the restrictions on permitted water discharge volumes, we have retained water in some pits and our two operating mines ended the year with reduced in-pit inventories and reduced pre-strip. As a result of these conditions it is likely that Macarthur's attributed share of sales produced from Coppabella, Moorvale and Middlemount in the twelve months to June 30th 2012 will be between 5.0 million tonne.”
"As a result of the additional expenditure required to restore the pits to normal operations our FOB costs per tonne are also forecast to be higher in the coming year, rising from around AUD 100 per tonne in FY2011 to around AUD 115 per tonne in FY2012. We expect to return to more typical production cost levels once the mines are restored to normal operating conditions."
"On a more positive note we are now accelerating the activity around the development of Codrilla, our fourth mine. We anticipate that we will obtain the mining lease by July 2012 and our focus in the next twelve months will be to prepare for the commencement of development shortly thereafter, enabling Macarthur to reach its target of 9.2 million tonnes per annum by 2014. We have the coal resource, the long-term port and rail infrastructure and the people necessary to deliver this project. We are on track to deliver sustainable growth."
The Board of Macarthur Coal Limited announced a record Net Profit After Tax of AUD 241.4 million for the twelve months ended June 30th 2011. This result was in line with earlier NPAT guidance issued by the Company.
The key financial results for the 2011 financial year include:
Ms Nicole Hollows CEO and MD of Macarthur Coal said that “The past twelve months have been extremely difficult, with our operations being substantially impacted by the record rainfall in the Bowen Basin. Force majeure was declared under coal sales contracts for five months as operations were severely disrupted.”
She said “In spite of the reduced production Macarthur's underlying NPAT was marginally better than last year due to the record prices achieved for metallurgical coal in the final quarter of the year. The profits realized on the sell down of Macarthur's interests in Middlemount, under a pre existing option to Gloucester Coal and Codrilla to our existing Coppabella and Moorvale Joint Venture partners speaks to the quality of Macarthur's asset portfolio."
Ms Hollows said that "Looking forward, the impact of the wet weather will continue to be felt in the upcoming year as Coppabella and Moorvale return to normal operations. Due to the restrictions on permitted water discharge volumes, we have retained water in some pits and our two operating mines ended the year with reduced in-pit inventories and reduced pre-strip. As a result of these conditions it is likely that Macarthur's attributed share of sales produced from Coppabella, Moorvale and Middlemount in the twelve months to June 30th 2012 will be between 5.0 million tonne.”
"As a result of the additional expenditure required to restore the pits to normal operations our FOB costs per tonne are also forecast to be higher in the coming year, rising from around AUD 100 per tonne in FY2011 to around AUD 115 per tonne in FY2012. We expect to return to more typical production cost levels once the mines are restored to normal operating conditions."
"On a more positive note we are now accelerating the activity around the development of Codrilla, our fourth mine. We anticipate that we will obtain the mining lease by July 2012 and our focus in the next twelve months will be to prepare for the commencement of development shortly thereafter, enabling Macarthur to reach its target of 9.2 million tonnes per annum by 2014. We have the coal resource, the long-term port and rail infrastructure and the people necessary to deliver this project. We are on track to deliver sustainable growth."
Thursday, August 18, 2011
CIL now wants to be No 1 in terms of revenue
Thursday, 18 Aug 2011 | By ET
State run Coal India, which toppled Reliance Industries as the country's most valued firm, said it is aiming to become number one company of the country in the near future in terms of revenue as well.
At August 17th 2011, the Maharatna firm had a market capitalisation of INR 251,296 crore on the Bombay Stock Exchange and ahead of erstwhile leader RIL marginally by INR 4,167 crore.
Mr NC Jha chairman of CIL said that "We have already become number one public sector company and now we are working on becoming number one firm in the country, profit and turnover wise as well. It is just a matter of some years.”
Attributing the recognition of the Maharatna firm as the number one company on the bourses to its 0.382 million employees, Mr Jha said that "It has happened due to extensive efforts of all Coal Indians, who have been engaged in coal mining day and night."
The Maharatna company, incorporated in 1973 in Kolkata, had reported a 64% growth in its consolidated net profit at INR 4,143 crore during the first quarter of this fiscal vis a vis INR 2,525 crore reported in the April to June of FY'11.
State run Coal India, which toppled Reliance Industries as the country's most valued firm, said it is aiming to become number one company of the country in the near future in terms of revenue as well.
At August 17th 2011, the Maharatna firm had a market capitalisation of INR 251,296 crore on the Bombay Stock Exchange and ahead of erstwhile leader RIL marginally by INR 4,167 crore.
Mr NC Jha chairman of CIL said that "We have already become number one public sector company and now we are working on becoming number one firm in the country, profit and turnover wise as well. It is just a matter of some years.”
Attributing the recognition of the Maharatna firm as the number one company on the bourses to its 0.382 million employees, Mr Jha said that "It has happened due to extensive efforts of all Coal Indians, who have been engaged in coal mining day and night."
The Maharatna company, incorporated in 1973 in Kolkata, had reported a 64% growth in its consolidated net profit at INR 4,143 crore during the first quarter of this fiscal vis a vis INR 2,525 crore reported in the April to June of FY'11.
Saturday, August 13, 2011
Tata Steel net triples on non-core income
13 Aug, 2011, ET Bureau
KOLKATA: Tata Steel on Friday said its consolidated first quarter net profit grew three-fold aided mainly by one-time gains from sale of stakes in subsidiaries and in an Australian mining company.
The Jamshedpur-based steelmaker, which is ranked seventh largest in the world by capacity, posted a net profit of 5,346.6 crore, compared to 1,825.3 crore last year, according to a filing with the Bombay Stock Exchange.
Tata Steel's earnings announcement, which came during market hours, did nothing for the company shares, with the stock falling to its 52-week low on a day when the trading sentiment was weak. Tata Steel's stock fell 1.7% to 476.40 as investors worried about pressure on margins because of rising price of inputs and slow demand in key European markets.
On a standalone basis, the Indian unit of Tata Steel posted a net profit of 2,219.43 crore during the April-June quarter registering a 40.5% growth, compared with 1,579.4 crore in the same period last year. Net sales in the June quarter for the entire company rose 22% to 32,839.9 crore, which was in line with analyst expectations.
"The performance is stable and not unexpected, but going forward, there might be pressure on margins both in India and abroad due to high costs and unutilised capacity," said Ravindra Deshpande, an analyst with Elara Capital.
"For Tata Steel Europe, rising prices of iron ore and coking coal will affect margins, while for the Indian unit, coal will be a drawback."
Although Tata Steel owns iron ore mines, it buys half of its coking coal requirements. Tata Steel Europe, which accounts for 65% of the consolidated business buys iron ore and coking coal from the open market.
The one-time gains included sale of Tata Steel's investment in Riversdale Mining and in Tata Refractories, while a settlement of claims at Teesside Cast Products unit in the UK also helped the company post higher profits.
In its filing with BSE, Tata Steel said that during the April-June quarter it realised 4,942 crore by selling its 26.27% stake in the Australian mining firm Riversdale to Rio Tinto, a global mining giant.
Of this, it included 2,879.29 crore as one-time profit in the first quarter, the statement added. The company also made a profit of 511 crore by selling a 51% stake in Tata Refractories to Krosaki Harima Corporation, an associate of Japan's Nippon Steel, in May this year.
KOLKATA: Tata Steel on Friday said its consolidated first quarter net profit grew three-fold aided mainly by one-time gains from sale of stakes in subsidiaries and in an Australian mining company.
The Jamshedpur-based steelmaker, which is ranked seventh largest in the world by capacity, posted a net profit of 5,346.6 crore, compared to 1,825.3 crore last year, according to a filing with the Bombay Stock Exchange.
Tata Steel's earnings announcement, which came during market hours, did nothing for the company shares, with the stock falling to its 52-week low on a day when the trading sentiment was weak. Tata Steel's stock fell 1.7% to 476.40 as investors worried about pressure on margins because of rising price of inputs and slow demand in key European markets.
On a standalone basis, the Indian unit of Tata Steel posted a net profit of 2,219.43 crore during the April-June quarter registering a 40.5% growth, compared with 1,579.4 crore in the same period last year. Net sales in the June quarter for the entire company rose 22% to 32,839.9 crore, which was in line with analyst expectations.
"The performance is stable and not unexpected, but going forward, there might be pressure on margins both in India and abroad due to high costs and unutilised capacity," said Ravindra Deshpande, an analyst with Elara Capital.
"For Tata Steel Europe, rising prices of iron ore and coking coal will affect margins, while for the Indian unit, coal will be a drawback."
Although Tata Steel owns iron ore mines, it buys half of its coking coal requirements. Tata Steel Europe, which accounts for 65% of the consolidated business buys iron ore and coking coal from the open market.
The one-time gains included sale of Tata Steel's investment in Riversdale Mining and in Tata Refractories, while a settlement of claims at Teesside Cast Products unit in the UK also helped the company post higher profits.
In its filing with BSE, Tata Steel said that during the April-June quarter it realised 4,942 crore by selling its 26.27% stake in the Australian mining firm Riversdale to Rio Tinto, a global mining giant.
Of this, it included 2,879.29 crore as one-time profit in the first quarter, the statement added. The company also made a profit of 511 crore by selling a 51% stake in Tata Refractories to Krosaki Harima Corporation, an associate of Japan's Nippon Steel, in May this year.
Friday, August 12, 2011
Tata Steel Q1 net more than triples
Fri Aug 12, 2011
MUMBAI (Reuters) - Tata Steel on Friday said first-quarter net profit more than tripled, beating estimates, helped by stronger volumes at its Indian operations, better prices in Europe and a one-time gain from a stake sale.
Excluding a one-time gain of 28.8 billion rupees ($634 million) from the company's sale of its stake in Australian coal miner Riversdale to Rio Tinto, Tata Steel reported a profit of 24.7 billion rupees.
Shares in Tata Steel, valued at about $10 billion, have fallen nearly 29 percent so far in 2011, compared with a nearly 17-percent fall in the BSE Sensex.
MUMBAI (Reuters) - Tata Steel on Friday said first-quarter net profit more than tripled, beating estimates, helped by stronger volumes at its Indian operations, better prices in Europe and a one-time gain from a stake sale.
Excluding a one-time gain of 28.8 billion rupees ($634 million) from the company's sale of its stake in Australian coal miner Riversdale to Rio Tinto, Tata Steel reported a profit of 24.7 billion rupees.
Shares in Tata Steel, valued at about $10 billion, have fallen nearly 29 percent so far in 2011, compared with a nearly 17-percent fall in the BSE Sensex.
Thursday, July 21, 2011
Sesa Goa posts net profit of Rs 840 cr in Q1
Thu,July 21, 2011 |Press Trust of India
Mumbai: Iron ore producer and exporter Sesa Goa today announced a consolidated net profit of Rs 840.59 crore in the first quarter ended June 30, 2011.
The Vedanta Group company had a consolidated net profit of Rs 1,301.79 crore in the June quarter last fiscal, Sesa Goa said in a filing with the Bombay Stock Exchange (BSE).
The results were not comparable consequent to merger of erstwhile subsidiary Sesa Industries with the company, it said.
The group posted consolidated total income of Rs 2,260.95 crore in the quarter under review whereas the same was at Rs 2,574.02 crore during the same period previous year, it said.
The figures of the pig iron segment were incorporated in the company's results on standalone basis from the quarter ended March 31, 2011.
The figures for the quarter ended June 30, 2011 are therefore not comparable with those or the corresponding quarter of the previous period on standalone basis.
For the three-month period ended June 30, 2011, it earned a standalone net profit of Rs 672.98 crore whereas the same was Rs 1,025.51 crore in the June quarter previous year.
Its standalone total income stood at Rs 1,831.68 crore in the period under review whereas the same was Rs 2,067.99 crore during the same period last fiscal.
Shares of the company closed at Rs 278.05, down 2.63% from previous close on the BSE.
Mumbai: Iron ore producer and exporter Sesa Goa today announced a consolidated net profit of Rs 840.59 crore in the first quarter ended June 30, 2011.
The Vedanta Group company had a consolidated net profit of Rs 1,301.79 crore in the June quarter last fiscal, Sesa Goa said in a filing with the Bombay Stock Exchange (BSE).
The results were not comparable consequent to merger of erstwhile subsidiary Sesa Industries with the company, it said.
The group posted consolidated total income of Rs 2,260.95 crore in the quarter under review whereas the same was at Rs 2,574.02 crore during the same period previous year, it said.
The figures of the pig iron segment were incorporated in the company's results on standalone basis from the quarter ended March 31, 2011.
The figures for the quarter ended June 30, 2011 are therefore not comparable with those or the corresponding quarter of the previous period on standalone basis.
For the three-month period ended June 30, 2011, it earned a standalone net profit of Rs 672.98 crore whereas the same was Rs 1,025.51 crore in the June quarter previous year.
Its standalone total income stood at Rs 1,831.68 crore in the period under review whereas the same was Rs 2,067.99 crore during the same period last fiscal.
Shares of the company closed at Rs 278.05, down 2.63% from previous close on the BSE.
Thursday, March 3, 2011
Territory Resources profit slides on wet weather
Thursday, 03 Mar 2011
Australian iron ore producer Territory Resources Limited has delivered a solid H1 earnings performance, today announcing a AUD 9.93 million net profit after tax for the first half despite the impact of a particularly severe wet season in northern Australia on its production.
The result, which compares with the AUD 13.67 million net profit earned in the previous corresponding period, reflects strong iron ore sales prior to the commencement of the wet season, underpinned by continued buoyant iron ore spot prices.
The first half profit was struck on sales revenue of AUD 88.54 million (1H FY10: AUD 82.0 million) based on the production of 860,396 tonnes (1H FY 10: 1.066 million tonnes) of high grade lump and fines ore from Territory’s 100%-owned Frances Creek iron ore operation in the Northern Territory. Territory completed 12 shipments of iron ore to China during the period and continues to maintain its fully sold position through its strong association with Noble Resources Ltd (“Noble”) in Hong Kong, with ore production sourced from the Thelma Rosemary, Ochre Hill, Jasmine, Helene 6/7 and the newly opened Helene 3 and Helene 5 pits.
The strong cash generation of the operation underpinned a gross profit of $17.5 million for the first half (1H FY 10: AUD 11.2 million). The bottom line profit translated to earnings per share of 3.8 cents (1H FY 10: 5.2 cents).
The net earnings of the Company for the period have been applied to the repayment of the Noble debt, which had been reduced to USD 20.9 million as at December 31st 2010.
Commenting on the interim result, Mr Andy Haslam MD of Territory said that financial performance was a creditable achievement in what had been an exceptionally rain-affected period. He said that “This is a very pleasing result, reflecting a nimble operating approach at Frances Creek. Territory introduced a modified shipping program in late 2010, including lower-specification shipments, to maintain a consistent shipping performance during the start of the wet season and this has enabled us to deliver a solid financial result despite the heavy rains.”
He added that “We are pleased we were able to start the first half positively, as this has been a particularly big wet season. The rain that hit Queensland and the Northern Territory generated extremely difficult operating conditions which impacted our production and rail capabilities from late 2010. Consequently, we do not expect the second half results to be as strong as the first half.”
Tags : Iron ore spot prices, raw material, steel mills,
The result, which compares with the AUD 13.67 million net profit earned in the previous corresponding period, reflects strong iron ore sales prior to the commencement of the wet season, underpinned by continued buoyant iron ore spot prices.
The first half profit was struck on sales revenue of AUD 88.54 million (1H FY10: AUD 82.0 million) based on the production of 860,396 tonnes (1H FY 10: 1.066 million tonnes) of high grade lump and fines ore from Territory’s 100%-owned Frances Creek iron ore operation in the Northern Territory. Territory completed 12 shipments of iron ore to China during the period and continues to maintain its fully sold position through its strong association with Noble Resources Ltd (“Noble”) in Hong Kong, with ore production sourced from the Thelma Rosemary, Ochre Hill, Jasmine, Helene 6/7 and the newly opened Helene 3 and Helene 5 pits.
The strong cash generation of the operation underpinned a gross profit of $17.5 million for the first half (1H FY 10: AUD 11.2 million). The bottom line profit translated to earnings per share of 3.8 cents (1H FY 10: 5.2 cents).
The net earnings of the Company for the period have been applied to the repayment of the Noble debt, which had been reduced to USD 20.9 million as at December 31st 2010.
Commenting on the interim result, Mr Andy Haslam MD of Territory said that financial performance was a creditable achievement in what had been an exceptionally rain-affected period. He said that “This is a very pleasing result, reflecting a nimble operating approach at Frances Creek. Territory introduced a modified shipping program in late 2010, including lower-specification shipments, to maintain a consistent shipping performance during the start of the wet season and this has enabled us to deliver a solid financial result despite the heavy rains.”
He added that “We are pleased we were able to start the first half positively, as this has been a particularly big wet season. The rain that hit Queensland and the Northern Territory generated extremely difficult operating conditions which impacted our production and rail capabilities from late 2010. Consequently, we do not expect the second half results to be as strong as the first half.”
Tags : Iron ore spot prices, raw material, steel mills,
Tuesday, March 1, 2011
Merafe swings to FY profit, outlook positive
Tuesday, March01, 2011
* FY Headline EPS at 11 cts vs 6 cts loss
* Sees higher demand, prices ahead
* Shares down 6.6 pct so far this year
JOHANNESBURG, March 1 (Reuters) - South Africa's Merafe Resources (MRFJ.J: Quote), the country's largest ferrochrome producer, reported a return to full-year profit on Tuesday, helped by higher metal prices and said it expects strong results ahead.
Demand for ferrochrome, which is used in stainless steel to prevent corrosion, is recovering after the global economic crisis forced companies in top producer South Africa to slash output in 2009.
Merafe, which operates a joint venture with Xstrata (XTA.L: Quote), said headline earnings per share for the year to end-December totaled 11 cents, from a loss of 6 cents a year earlier.
Headline EPS, the key measure of profit in South Africa, excludes certain one-time items.
The company said its share of saleable ferrochrome output for the year rose to 291,000 tonnes from 281,000 tonnes in 2009, while revenue rose to 2.56 billion rand ($368 million) from 1.84 billion rand.
Merafe said it expects ferrochrome prices to trade higher in 2011 on upward demand arising from growth in stainless steel production.
The company also said restricted supply of electricity in South Africa has resulted in the postponement of a number of planned ferrochrome projects over the next five years.
The company declared a final dividend of 2 cents a share.
Merafe shares have fallen 6.6 percent so far this year, compared with a 0.48 percent fall in Johannesburg's All-share Index .JALSH. (Reporting by Marius Bosch and Olivia Kumwenda; Editing by Agnieszka Flak,sourced:Thomson Reuters)
Demand for ferrochrome, which is used in stainless steel to prevent corrosion, is recovering after the global economic crisis forced companies in top producer South Africa to slash output in 2009.
Merafe, which operates a joint venture with Xstrata (XTA.L: Quote), said headline earnings per share for the year to end-December totaled 11 cents, from a loss of 6 cents a year earlier.
Headline EPS, the key measure of profit in South Africa, excludes certain one-time items.
The company said its share of saleable ferrochrome output for the year rose to 291,000 tonnes from 281,000 tonnes in 2009, while revenue rose to 2.56 billion rand ($368 million) from 1.84 billion rand.
Merafe said it expects ferrochrome prices to trade higher in 2011 on upward demand arising from growth in stainless steel production.
The company also said restricted supply of electricity in South Africa has resulted in the postponement of a number of planned ferrochrome projects over the next five years.
The company declared a final dividend of 2 cents a share.
Merafe shares have fallen 6.6 percent so far this year, compared with a 0.48 percent fall in Johannesburg's All-share Index .JALSH. (Reporting by Marius Bosch and Olivia Kumwenda; Editing by Agnieszka Flak,sourced:Thomson Reuters)
Monday, February 21, 2011
Wuyang Iron and Steel posts net profit of RMB 123 million in 2010
Monday, 21 February 2011
Chinese steelmaker Wuyang Iron and Steel has posted a net profit of RMB 123 million ($18.7 million) for the whole year of 2010, with a total pre-tax profit of RMB 379 million ($57.5 million). The company also realized a sales income of RMB 11.5 billion ($1.7 billion) in the year in question, while it recorded a total crude steel output of 2.51 million mt and produced 2.21 million mt of steel plates.
In 2011, Wuyang Iron and Steel aims to achieve crude steel production of 2.8 million mt and a steel plate output of 2.4 million mt. For the same year, Wuyang Iron and Steel is targeting a net profit of RMB 120 million ($18.2 million) and sales income of RMB 12 billion ($1.8 billion).
(sourced:steelorbis)
Tags: plate , crude steel , flats , China , Far East , East Asia and Pacific , steelmaking , production , fin. Reports , Hot Rolled Plate
Chinese steelmaker Wuyang Iron and Steel has posted a net profit of RMB 123 million ($18.7 million) for the whole year of 2010, with a total pre-tax profit of RMB 379 million ($57.5 million). The company also realized a sales income of RMB 11.5 billion ($1.7 billion) in the year in question, while it recorded a total crude steel output of 2.51 million mt and produced 2.21 million mt of steel plates.
In 2011, Wuyang Iron and Steel aims to achieve crude steel production of 2.8 million mt and a steel plate output of 2.4 million mt. For the same year, Wuyang Iron and Steel is targeting a net profit of RMB 120 million ($18.2 million) and sales income of RMB 12 billion ($1.8 billion).
(sourced:steelorbis)
Tags: plate , crude steel , flats , China , Far East , East Asia and Pacific , steelmaking , production , fin. Reports , Hot Rolled Plate
Saturday, February 5, 2011
Bhushan Steel Oct-Dec net rises 23.3 pct
Feb 5 (Reuters) - Three months ended Dec. 31
Net profit 2.8 vs 2.27
Net sales 19.43 vs 14.29
NOTE:Bhushan Steel Ltd makes cold-rolled steel strips.
The results are standalone.(Reporting by Aniruddha Basu,MUMBAI;Editing by Robert Birsel, reuters)
Net profit 2.8 vs 2.27
Net sales 19.43 vs 14.29
NOTE:Bhushan Steel Ltd makes cold-rolled steel strips.
The results are standalone.(Reporting by Aniruddha Basu,MUMBAI;Editing by Robert Birsel, reuters)
Friday, February 4, 2011
Xinyu Steel expects net profit for 2010 to double
Friday, 04 Feb 2011
It is reported that Jiangxi Province based Chinese steelmaker Xinyu Iron and Steel Co Ltd expects to see a 100%YoY increase in its net profit in 2010 to approximately CNY 360 million as compared to its net profit of CNY 180 million in 2009.
Xinyu Steel said the increase in its net profit was due to the commissioning of its 1,580 mm hot rolled sheet project, the adjustment of its product mix and the improvement in product profitability.
Xinyu Steel main products include wire rod, hot rolled plate, hot rolled sheet and other metal products.(sourced:steelorbis)
It is reported that Jiangxi Province based Chinese steelmaker Xinyu Iron and Steel Co Ltd expects to see a 100%YoY increase in its net profit in 2010 to approximately CNY 360 million as compared to its net profit of CNY 180 million in 2009.
Xinyu Steel said the increase in its net profit was due to the commissioning of its 1,580 mm hot rolled sheet project, the adjustment of its product mix and the improvement in product profitability.
Xinyu Steel main products include wire rod, hot rolled plate, hot rolled sheet and other metal products.(sourced:steelorbis)
Wednesday, February 2, 2011
Liuzhou net profit in 2010 up by 135pct YoY
Wednesday, 02 Feb 2011
It is reported that Liuzhou Iron & Steel issued a notice to Shanghai Stock Exchange, claiming net profit in 2010 was CNY 0.634 billion up by 134.52%YoY with earnings per share at CNY 0.2473.
The company earned net profit CNY 0.27 billion in 2009.
(sourced:mysteel.net for real time access to China steel new)
Subscribe to:
Posts (Atom)
Posts
