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October 16, 2008


Prosperity Minerals Q1 pretax profits down by 14%YoY

Thomson Financial reported that Prosperity Mineral Holdings a cement manufacturer and iron ore trader in China has reported pretax profits of USD 13.49 million for the first quarter down 14%YoY mainly due to a special tax refund last year, higher coal prices and plant down-time for maintenance.

Prosperity Mineral Holdings said revenues increased 15%YoY to USD 104.39 million and EBITDA was up 11% to USD 18.56 million. It said demand for both cement and iron ore remains strong in China and it expects its results for the financial year to March 31st 2008 to be in line with expectations.