OZ Minerals Limited (ASX:OZL) says its net profit dropped 53 per cent to $274.5 million in the 2011 financial year, weighed down by impairment charges and litigation settlements.
On an underlying basis the miner’s net profit dropped 19 per cent to $322.7 million. In the same period revenue came in at $1.1 billion, dipping slightly from the year before.
Oz Minerals anticipates strong demand for copper and the continuing constraints on supply will continue.
The company says strong operational performance at its flagship Prominent Hill project and good margins will enable it to enjoy the strength of the market while also being prepared for volatility.
Oz Minerals has declared an unfranked final dividend of 30 cents, bringing the full year pay out to 60 cents per share.
