§ Mr. LawsTo ask the Chancellor of the Exchequer what his latest estimate is of the(a) net asset value and (b) annual profitability of the Royal Mint; and if he will make a statement. [156764]
§ Ruth KellyThe Royal Mint's net asset value (total assets less current liabilities) as at 31 March 2003 was £63,278,000. Its operating profit (before exceptional items) for the year 2002–03 was £1,285,000.
During 2003–04 to date there has been a small growth in the Mint's net asset value. The Mint forecast a modest improvement in profitability for 2003–04. This has been achieved largely through cost reductions, particularly in terms of employment costs.
The 2003–04 Accounts of the Royal Mint Trading Fund together with a Certificate and Report of the Comptroller and Auditor General will be prepared, and laid before Parliament, pursuant to section 4(6) of the Government Trading Funds Act 1973. Until then it would be inappropriate to provide an interim estimate based on unaudited accounts.