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AERIS RESOURCES LIMITED — Earnings Release 2014
Aug 27, 2014
64347_rns_2014-08-27_fe37a6ff-3250-413b-ba2a-ff311c851cc5.pdf
Earnings Release
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ASX/MEDIA RELEASE
28 AUGUST 2014
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Straits
STRAITS RESOURCES LIMITED (ASX: SRQ)
TURNAROUND STRATEGY LEADS TO IMPROVED FINANCIAL PERFORMANCE
Straits Resources Limited (Straits) today released its full year financial results for the period ending 30 June 2014. Key points from the financial results include:
| FY2014 ($m) | FY2013 ($m) | |
|---|---|---|
| Gross Profit / (Loss) | 13.5 | (23.9) |
| Profit / (Loss) from Discontinued Operations | 103.9 | (172.2) |
| Net Profit / (Loss) | 57.4 | (240.7) |
| Cashflow from Operating Activities | 35.2 | (24.8) |
| Net Assets | 5.7 | (32.6) |
| Debt (Interest Bearing Liabilities and Deferred Revenue) | 135.7 | 157.6 |
Straits Executive Chairman, Andre Labuschagne commented: “This is a very pleasing result built on record copper production at the Tritton Operations and demonstrates that the turnaround strategy we implemented 18 months ago is delivering real results.
“Tritton achieved an operating profit of $13.5 million and our headline net profit of $57.4 million is a significant improvement on last year’s headline result. Straits’ Indonesian subsidiary has now been derecognised from the group accounts, realising a profit of $103.9 million and importantly, enabling the Company’s balance sheet to reflect a positive net asset position.
“Total debt has reduced further, reflecting the payments against the copper swap facility and the close out of the silver prepayment facility held against the Mt Muro Mine in Indonesia, partially offset by the convertible notes issued as part of the close out structure.
“Work continues on finalising our exit from the Indonesian assets and the debt refinancing plan with Standard Chartered Bank. We hope to make further announcements regarding these matters in the coming weeks.”
For further information, please contact:
Media:
Mr. Andre Labuschagne Michael Vaughan / Annette Ellis Executive Chairman Canning Purple Tel: +61 7 3034 6200, Tel: +61 8 6314 6300 or visit our website at www.straits.com.au [email protected] / [email protected]