Shares in Arrium Limited
(ASX:ARI) have risen to the benchmark index’s best performer in morning trade after rebounding to a full year profit.
The mining and materials company has posted as net profit of $205 million, swinging from a loss of $701 million the year before.
Fiscal 2013’s result was impacted by impairment charges from discontinued operations. The latest fiscal 2014 result was buoyed by an 83 per cent rise in underlying profit while revenue firmed 2.4 per cent over the year.
Managing Director and CEO Andrew Roberts says it has been a very pleasing year with stronger earnings, record cash, lower net debt and an improved leverage ratio.
An unfranked final dividend of 3 cents per share has been declared.
Shares in Arrium were trading about 8 per cent higher at $0.815 cents following the announcement.
