Citic Pacific profits up 9%

Profits of Citic Pacific, builder of the world's biggest magnetite mine in Australia, rose by 9 percent in 2013 based on good performances by its special steel and energy businesses.

Net income last year was HK$7.6 billion ($980 million), the company said on Feb 20.

Profits from the special steel business soared by 519 percent in 2013 to HK$1.3 billion. Sales of special steel by the company rose by 11 percent on the back of a market rebound, the firm’s announcement said.

Profit from its energy business rose by 60 percent year-on-year to HK$1.82 billion.

The company's largest investment - Sino Iron in Australia - is still in the red because of high costs, but production began late last year.

The company said it will start to see profit from the project when all six production lines are completed.