Gold mining firm Focus Minerals Ltd said on Wednesday that the company's annual profit for fiscal 2010 soared by more than 300 percent as its newly-refurbished treatment plant paved the way for better-than-expected output that led to a 50 percent increase on its production rate.

The company said that its net profit as of June 30 year-to-date, stood at $10.9 million, coming form the $3.1 million collected in the previous corresponding period while its revenue climbed by 70 percent to $73.7 million, coming from the $43.3 million racked up in the prior year.

Aside from the $21.9 million improvements on its Three Mile Hill treatment facilities, which the company said spurred its higher production performance, Focus Mineral's continuing assessments of two exploration sites were underway.

The company is reviewing its gold resources in order to start on its open-cut mining activities by next year while another study is being conducted on its Nepean Nickel Project in Western Australia for establishment of further opportunities.

Focus Minerals chief executive Campbell Baird said that the last financial year proved to be pivotal for the company as the Three Mile Hill output drove substantial spikes on its overall production and enabled the firm to see three-fold profits.

The company's base of operations in Coolgardie has so far churned out 62,296 ounces during the last 12 months as compared to the 41,401 registered in the previous period while production on its mine at The Mount mined 15,230 in the year to yield up to 4,090 ounces of gold.

Focus said that further trial mining would be conducted for more mining prospects as company shares gained by 03 cent or 5.77 percent to end up trading at 5.5 cents by 1321 AEST on Wednesday.