South Africa's third-biggest platinum producer, Lonmin, reported a doubling in half-year profits on Thursday and said it was on track to produce a million ounces of platinum annually by 2007.

The company also said its cash pile was growing and it planned to use some of it to expand its international portfolio of platinum group assets.

Lonmin reported pre-tax profits of $252m for the six months ended 31 March, in line with analyst forecasts, driven by higher production and strong prices.

The company, which resulted from the demerger of the pan-African Lonrho conglomerate said strong prices for platinum, palladium and rhodium had increased its cash inflow, boosting its cash pile to $447 million.

---

British Land's profits jump

Shares in property group British Land, which owns prime sites in London's financial district, rose over 3% after it reported full year results considerably above market expectations.

It reported pre-tax profits of �169.1m, up 8.1% on the previous year.

Net asset value - a key measure of performance for the property sector - was up 15.6% in the year to March 31 at 802 pence per share, well above the analysts' consensus of 738p.

British Land has underperformed the UK real estate sector by over 6% over the past twelve months.

---

Germany's IFO calls for ECB rate cut

Germany's respected IFO economic institute has called for a cut in euro-zone interest rates, adding to the pressure on the European Central Bank.

"It is the ECB's job to support the economy," IFO director Hans-Werner Sinn told German television.

"It has already cut rates by a quarter point. One could now envisage a second move to give a total cut of a half percentage point," he said.

The ECB cut its key interest rate on 10 May from 4.75% to 4.50%.

The IFO institute chief said there was little the German government could do to halt the sharp slowdown in the economy, which is the biggest in the 12-country euro zone.

---

Profits jump at International Power

British independent power producer International Power has reported a 50% rise in first-quarter pre-tax profit.

The company, which last year demerged from utility National Power, reported a rise in pre-tax profit for the three months to March 31 to �81m on turnover of �297m, up 35% from the same period last year.

The news pushed the share 4% percent higher in early trade on Wednesday, making it the top gainer in the FTSE 100 index.

Growth in profit was due to improved electricity prices in Australia, sound operating performance at its US plants and high seasonal demand in some European countries, it said.

Also on Wednesday, the company announced an agreement with Italian company Ansaldo Energia, a subsidiary of engineering group Finmeccanica and ASM Brescia, to build a further 1,600 megawatts (MW) of generating capacity at a plant in Northern Italy, in addition to the 7,200 MW already under development.