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AUSTRALIA'S PORTMAN POSTS 160 PCT JUMP IN ANNUAL NET PROFIT.
PERTH, March 1 Asia Pulse - Iron ore miner Portman Ltd (ASX:PMM) expects better production in 2006 after posting a 160 per cent jump in annual net profit to $A84.2 million ($US62.4 million), benefiting from iron ore price hikes last year.
The result compares to $32.2 million in 2004 and came on the back of unprecedented 71.5 per cent hike in benchmark iron ore prices.
During 2005 Portman, which is 80 per cent owned by US-based Cleveland Cliffs, produced 6.9 million tonnes of iron ore from its operations in Western Australia.
The Koolyanobbing operation produced a record 5.8 million tonnes while the smaller Cockatoo Island mine produced 1.1 million tonnes.
It said there was continued strong pressure on the operating costs at its operations.
"Strong upward pressure on ...
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