Australian billionaire Ms Gina Rinehart's closely held Hancock Prospecting Pty posted a 74%jump in profit in 2011 as iron ore sales and royalties surged
According to financial statements filed with Australian regulators,profit in the 12 months ended June 2011 rose to AUD 1.2 billion from AUD 688 million a year earlier,as revenue climbed by 68%to AUD 2.37 billion
The mining company,based in Perth,had resisted ASIC's demands to file the financial records,saying it was an"unreasonable burden"that would put it at a competitive disadvantage.
Hancock was scheduled to appeal the ASIC order at a hearing before the Administrative Appeals Tribunal in Perth beginning February 5.
The ASIC filing was made with no notice except a posting on the regulator's website.
Rinehart's company,founded by Gina's late father,Lang Hancock,said in an exchange of letters with ASIC that a section of the Act provided for a"grandfathering,"which exempted private companies from filing the statements.
