Mineral Resources has more than doubled its interim dividend on the back of the resurgent iron ore price, declaring 21¢-a-share half-year payout after posting a $140.3 million profit for the period.
MinRes profit is almost triple its $47.5 million result from the first half of last financial year, and the company attributed the improvement to the stronger iron ore price, together with record exports from its Pilbara and Yilgarn operations.
It also recognised the $50 million shares issued by Pilbara Minerals as part of the peace deal between the two companies over mining and off-take rights over lithium tenements in the Pilbara.
MinRes said its half-year revenue lifted 36 per cent to $783 million in the half, with stronger iron ore prices and increased volumes through its crushing and processing business offsetting the cooling mining construction market.
The company returned earnings before tax, interest, depreciation and amortisation of $282 million, up 112 per cent on the first half of the previous financial year, and said it finished December in an $86 million net-cash position.
It had $388 million at bank.
MinRes shares were up 0.5¢ to $13.545 at 11.50am.
Image: MineRes Managing Director Chris Ellison and Non-executive Chairman Peter Wade. The West Australian.