Sapphire Corp bounces back into the black after three years of losses

It booked a profit of $140,000 in FY14.

Mainboard-listed Sapphire Corporation reversed three years of losses to post a net profit of $140,000 for FY2014 despite loss on disposal of its other non-core business and unrealised foreign exchange loss.

The positive results was largely due to themaiden consolidation of the financial performance of Mancala Australia, its mining services business in Australia.

The FY2014 performance, which included a gain on disposal of its legacy Steel Business, lower fixed operating costs following corporate streamlining exercise and first-time profit contribution from Mancala Australia, contrasted sharply with a net loss of $157.2 million in FY2013 which reflected the continued weakness of the steel sector in China that had led to significant losses for Sapphire since FY2010.