Sapphire Corporation, the manufacturer of steel and vanadium products, posted a net profit of $43.5 million in the year ended 31 December 2009 (FY2009), up from $1.1 million in FY2008, buoyed by contribution from 51%-owned Neijiang Chuanwei Special Steel Co. and the dilution gain of its 9.2%-owned mine operator which was recently listed on the Mainboard of The Stock Exchange of Hong Kong.
The increase came on the back of $133.8 million in revenue as it recognised seven months of results contributed from Neijiang Chuanwei Special Steel, a leading manufacturer of hot-roll coils (HRC) and vanadium pentoxide flakes in Sichuan Province, China.
