Revenue jumped to $2.6 billion from $1.98 billion and the underlying net profit from operations was $1.07 billion, up from $601 million.

The main source of revenue for the company continues to be the Hope Downs iron ore mine in the Pilbara, with tonnages up 35% due to the ramp-up of Hope Downs 4, though the increase was offset by the fall in the iron ore price in the second half of the year.

Hancock said it expected its underlying net profit for the 2015 financial year to be lower due to the iron ore price drop.

During FY14, company paid more than $560 million in tax and Rinehart and Hancock combined are Australia’s largest taxpayer.

“It should be noted that, at a time when many Australian companies are shifting operations offshore, Mrs Rinehart continues to invest and pay substantial taxation in Australia, while providing employment and work for many thousands of Australians,” Hancock said.

The net profit result compares to a profit of $490 million for the 2013 financial year.

This year’s result was impacted by a $641 million impairment on coal assets in Queensland’s Galilee Basin and $342 million due to the now-abolished Minerals Resource Rent Tax.

Hancock congratulated the government for removing the MRRT, but expressed concerns over high costs in the resources sector.

“Australia must seriously look at reducing government imposed costs on the economy and consider the reality of falling commodity prices, together with the impacts this will have on the business sector and overall revenue and employment,” Hancock said.

Hancock said its financial position remained solid as the development of the $10 billion Roy Hill project passed 60%.

The company fully repaid the Hope Downs debt facility during the year and finalised around $US7.8 billion ($A9 billion) in financing for Roy Hill.

Hancock said it was required to keep substantial funds in reserve under the terms of the Roy Hill facility and would maintain liquidity levels for the years required.

Roy Hill is due for first ore on ship by September next year and will ramp up to 55 million tonnes per annum.