This year's figure includes foreign exchange gains of US$4.9m and profit on discontinued operations of US$0.3m.

The firm reports a pre-tax profit of US$2.7m compared with a loss of US$19.5m a year ago.

The firm had US$21m in cash at the end of December with no long term debts or borrowings and net assets of US$23m.

At 28 February the cash position was US$23m.

The majority of cash balances are currently held in US dollars.

The firm disposed of its 100% interest in Westralian Resources Pty Ltd in September and received a gross consideration of US$25.7m.

Story provided by Business Financial Newswire