Oxiana posts $318.2 in profits

The operator of the biggest mine in Laos, Oxiana Ltd today announced that net after tax profit was $318.2 million for the year ending in December 2007 lower than $553.2 million in 2006.

Oxiana''s earnings before interest, tax and depreciation were $595.1 million against $827.2 million for the year before. The company said strong production levels were offset by a stronger Australian dollar, a weaker zinc price, and a higher effective tax rate in Laos.

Oxiana''s balance sheet strengthened, reflecting net assets of $1.5 billion at year-end. During the year under review, Oxiana invested almost $700 million in new property plant and equipment, with the largest single item for the construction of Prominent Hill funded from cash flow. Oxiana will retain a positive cash balance of $246 million at year-end after the capital investment.

In 2008, the company expects to complete projects Prominent Hill, the Sepon copper expansion and the Martabe gold project.

A final dividend of 4 cents per share was declared, following the interim dividend of 4 cent. Oxiana stock gained 2.1%.

CSL posts $349 million in profits

CSL Limited today announced a profit after tax of $349 million for the six months ended December 2007, up 36% from a year ago including negative impact of $28 million related to foreign exchange translation. Total revenue surged 20% to $1.9 billion compared to a year ago or up 29% when adjusting for currency.

Net operating cash flow rose 57% to $293 millon and earnings per share were up 35% to 63.4 cents. Interim dividend rose 41% to 23 cents per share, payable on 14 April 2008.

CSL sales rose 3% to $1.4 billion compared to a year ago. Robust performance across the plasma product portfolio in both core and specialty products sustained sales.

CSL Managing Director, Dr McNamee said, ""All CSL divisions contributed solidly to the Company''s excellent first half. We achieved significant profit growth despite an environment of significant adverse currency movements."" CSL''s share gained 9%.

Virgin Blue''s share falls as net income declines

Australia''s second-biggest carrier, Virgin Blue, fell 10.5% after the company announced today that its net income declined to $113.3 million in the six months ended December 31, from $124.3 million a year earlier.

Its sales rose 8.1% to $1.21 billion. The company also registered a 5.2% rise in revenue per available seat kilometer to 10.10 cents.

The company sold in January 83.4% of its available seats compared to 83.3% a year earlier. The company hired Goldman Sachs to find ways to realize higher asset valuation from its current market cap of $1.4 billion.

It added that board aims to complete the review within the next few weeks. Virgin Blue posted 8.8% drop in first-half net income on higher costs to challenge Qantas Airways Ltd. routes to the U.S.

The airline also faces increasing competition on domestic routes from Tiger Airways Pte, which entered the market in November.

Zinifex extends takeover offer

Zinc producer Zinifex today extended its takeover offer for Allegiance Mining for the second time by another two weeks from the closing day on Friday.

In its notice to the Stock Exchange, the company said it required an extension because it hasn''t secured enough shares. The original deadline for the $700 million proposal was extended by three weeks.