Abterra, the supply chain manager of resources and minerals, managed to swing back into the black with a net profit of $13.3 million for the financial year ended 31 December 2009 (FY2009) largely due to a gain from the revaluation of a mining asset.

Turnover of the year fell 61% y-o-y from $392 million to $151.9 million as revenue from the trading of iron ore declined 92% while revenue from the trading of coke and coal decreased 53%, mainly due to the tightening of credit facilities in the market, amid the financial turbulence.

Other operating income increased 163% to $22.5 million, due to trade receivables impairment writeback of $6.9 million and a $13.5 million gain from the revaluation of one of its mining assets.

Other operating expenses decreased 71% to $5.9 million, mainly due to a one-off impairment loss on the investment in an associated company and an allowance made for doubtful debts in 2008 which did not recur in 2009.