Market likes HMC's "hard work" - and failure of ssx deal has had...

Market likes HMC's "hard work" - and failure of ssx deal has had min impact with HMC currently up 17%

""Headline News
Hydromet says FY07 "rewarding", Pre-tax profit $2.2m
By RWE Australian Business News, 02 Aug 2007
Sydney - Thursday - August 2: (RWE Aust Business News)

Hydromet (ASX:HMC) said activities for the financial year 2007 have been extremely rewarding, with significant contributions from the established and expanded selenium/precious metals project at Newcastle and the recently commenced used lead acid battery (ULAB) recycling project at Unanderra, NSW.

Preliminary unaudited results for the year indicate a net profit before tax of $2.2 million on revenue of $19m.

Forecast advancement of these projects in FY08 at indicative metal prices is expected to generate significantly greater revenue and profitability.

With plans to enter secondary lead smelting operations by FY09, and basing metal prices conservatively, revenue and profits could be further expanded to an estimated $60m or more, with potential net pre-tax profit of $12m to $15m.

With regard to the Electric Arc Furnace Dust (EAF) processing project, HydroMet has been advised by its customer Smorgon Steel (ASX:SSX) that it entered into an agreement to place its dust with a competitor at a treatment fee substantially lower than HydroMet is able to offer.

Hydromet said that decision should have a minimum impact on overall results going forward. "" end of copy