Solid Energy firms

Photo / Simon Baker

State-owned resources company Solid Energy has invested $325 million in developing its business in areas it believes will create significant value.

The investment was detailed in the company's annual profit report yesterday, which showed a strong revenue pick-up in the second half.

Solid Energy had a net profit after tax of $67.8 million in the year to June 30. This is down from $110.8 million profit last year but the company said it is a turnaround from a $6.5 million half-year loss.

- NZPA