first half net profit up 31pc to 52.3m

Sydney - Wednesday - August 30: (RWE Australian Business News) -
Portman Ltd (ASX code: PMM) lifted net profit 30.6 per cent to $52.3
million in the half-year ended June 30 from $40.06 million a year ago.
Revenue rose 30.9 per cent to $208.78 million from $159.54
million.
Basic earnings per share were 29.77c, up from 22.80c.
There has been no dividend since 2004.
At the Koolyanobbing project, plant throughput was increasing,
but still below the 8 Mtpa rate, while Cockatoo Island production was
proceeding according to plan with an average 2.5 shipments per month.
Managing director Mr Richard Mehan said the delay in completion
of the expansion project would reduce Portman's estimated 2006 total
sales volume to 7.5 million tonnes.
"Cost pressures remain extremely strong. Salaries, fuel,
consumables and construction costs are of particular concern.
"A lack of skilled contractor personnel and a high level of
churn in operators and supervisors is hindering Portman's ability to
fully utilise infrastructure," he said.