OMH 3.06% 50.5¢ om holdings limited

profit record and production record

  1. 365 Posts.

    RECORD ANNUAL CONSOLIDATED NET PROFIT OF A$57 MILLION
    The Board of OM Holdings Limited and its subsidiaries (ASX Code: OMH) is pleased to advise of
    a record consolidated net profit after tax and minority interests of A$56.9 million for the
    year ended 31 December 2007. Included in the result was a consolidated net profit after
    tax and minority interests of A$41.7 million for the second half of 2007. Accordingly a final
    dividend of A$0.04 per share has been declared.
    This outstanding result represented the continued operational and financial strengths of OMH¡¯s
    trading and ferro alloy business units and the return to profitability of the Bootu Creek Manganese
    Mine throughout the second half of 2007.
    ¡Ü Record 0.9 million tonnes of chrome and manganese ore were traded into China
    throughout the year underpinned by strong market demand and record prices, resulted in the
    trading operations generating a record operating result.
    ¡Ü The market for manganese ore and alloys continues to strengthen driven by a world
    wide shortage of high grade manganese in the market impacted by supply issues from key
    producers and the continued growth in demand for steel and stainless steel products.
    • Annual record production of 38,101 tonnes of High Carbon Ferro Manganese (¡°HC
    FeMn¡±) exceeded forecast. The strong market demand and prices secured for the HC FeMn
    produced resulted in the ferro alloy operation contributing a record operating profit after tax.
    Ongoing demand for HC FeMn alloys is continuing.
    • Record production of 516,448 tonnes grading 42.2% Mn achieved for the year.
    • Project debt was reduced by A$18.83 million during the year and the remaining balance of
    A$5 million was repaid in January 2008. The project is now fundamentally debt free.
    • Based upon sustainable production achieved in the latter half of 2007 and into 2008
    expansion options beyond 700,000 tonnes per annum are being examined.
    • A revised Mineral Resource and Ore Reserve Statement incorporating all field work
    completed in 2007 is expected to be released by 31 March 2008.
 
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