Metro Mining has posted a record net profit after tax of $119.8 million for the half year, riding on the back of the recent expansion of its Bauxite Hills operation.

This represented a $156.8 million year-on-year turnaround, the company said.

During the six months ending June 30, a strong pricing environment combined with record first-half shipments of 1.9 million Wet Metric Tonnes (WMT) contributed to an underlying EBITDA of $23 million.

This was a 248 per cent increase relative to a prior period loss of $15.5 million.

Related: Record margins as Bauxite Hills hits its stride

“This is an outstanding set of half-year results off the back of delivering our expansion last year and then record first half shipments,” Metro Mining chief executive officer and managing director Simon Wensley said.

“It’s a tribute to the hard work (of) the Metro team and our contractors and provides excellent momentum into the second half of the year, which is our most productive.”

Related: Sweet timing positions Metro for a good run

The company also successfully restructured its foreign currency hedging, achieving a full-year hedged position at AUD/USD 0.63 resulting in a half-year currency gain of $33.2 million.

Metro’s Bauxite Hills mine is based on the Weipa bauxite plateau about 95km north of Weipa near the coast on the Skardon River.

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