MinRes posts record profit

Miner and contractor Mineral Resources has lifted its full-year net profit by 28 per cent to a record $231 million on the back of a 93 per cent surge in iron ore exports.

The company's operating profit was up 38 per cent to $249 million.

The result was achieved on a 73 per cent surge in revenue to $1.9 billion on the back of export volumes of 10.4 million tonnes.

The company's Carina mine in the Yilgarn region increased output by 28 per cent over the year and the Phil's Creek and Spinifex Ridge operations in the Pilbara were ramped up to "optimum capacity".

The company declared a final, fully franked dividend of 32 cents a share, in line with the previous year.

The dividend is payable on October 10.

The company held cash of $260 million on July 3.

MinRes said the results were in line with profit guidance issued in April.

"This result again represents the resilience of the business model with an outstanding result from each division of the company," the company said in a statement.

"The business is well positioned to take advantage of the market conditions with the operational and financial strength to embrace plans for growth in its chosen sectors."

In June, MinRes lost out to China's Baosteel and Aurizon in a takeover tussle for Aquila Resources.

Earlier this week, managing director Chris Ellison ruled out launching a rival bid for Iron Ore Holdings after a friendly cash and scrip deal between IOH and BC Iron was announced on Monday.

MinRes shares were off 32 cents, or 2.96 per cent, to $10.48 at 12.20pm.