Prosperity Minerals
Prosperity is an iron ore trader serving customers in the People's Republic of China (the 'PRC') and holds investments in entities involved in the manufacture and sale of cement and clinker in the same market.
Prosperity also has a real estate division and has recently entered into a number of conditional agreements designed to build up a portfolio of PRC property and development assets.
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Prosperity Minerals confident for current year after full-year profits fall
Prosperity Minerals Holdings Ltd. reported a 28 percent increase in full-year revenue, but profits dropped due to the effect of the global economic crisis.
In its results statement for the year ended March 31 2009, the group said is well positioned to take advantage of growth in both the cement and iron ore markets in China and, despite the ongoing difficult economic backdrop, is looking forward to a year of further progress.
China's approximately US$585 million stimulus package announced in November 2008 is already having a positive effect on the demand for both cement and steel, Prosperity added.
Revenue rose to US$647.7 million from US$507.5 million a year earlier, EBITDA fell 43 percent year-on-year to US$44.3 million. Adjusted pretax profit came in at US$15.9 million, down from US$59.3 million a year earlier.
The period under review saw an increase particularly in the cost of sales and in finance and administrative expenses.
Other Prosperity Minerals news
- Prosperity Minerals sees more domestic demand coming from China’s new 5 year plan
2010-11-30 - Prosperity Minerals performing in line with expectations
2010-10-08 - Prosperity Minerals completes acquisition of 25% stake in Liaoning Changqing Cement
2010-09-01 - Prosperity Minerals receives final payment from disposal of cement business
2010-08-21 - Prosperity Minerals to pay £70.1m for Guangzhou properties
2010-07-30
