Big turnaround for MMG

MMG has reported strong full-year financial results after posting a loss for 2016.

Big turnaround for MMG Big turnaround for MMG Big turnaround for MMG Big turnaround for MMG Big turnaround for MMG

The Melbourne-based company posted a net profit after tax of US$348.4 million, including $147.1 million attributable to equity holders, up from a $98.7 million loss for 2016.

Net operating cashflow jumped by 228% to $2.36 billion as the massive Las Bambas mine in Peru ramped up to produce 453,749 tonnes of copper in concentrate.

Earnings before interest, tax, depreciation and amortisation rose by 133% to $2.2 billion, including a $178.6 million pre-tax profit on the divestments of Golden Grove, Century and Avebury, while EBIT was up by 382% to $1.27 billion.

Revenue jumped by 66% to $4.1 billion.

Net debt reduced by $1.45 billion to $8.3 billion, and gearing fell from 79%...