Arrium swings to H1 profit

Group welcomes lower Australian dollar, notes investments in mining business.

Arrium (ARI) says it is well placed to benefit from its investments in the mining business, cost reductions and a sustained lower Australian dollar after swinging to a first-half profit.

Net profit was $220.4 million in the six months to December 2013, compared with a net loss of $448 million in the six months to December 2012.

Revenue lifted by seven per cent to $3.64 billion in the half, compared with $3.40 billion in the prior corresponding period.

The group will pay a dividend of six cents per share, unfranked, on or around April 17 to shareholders on the record at March 14.