Gina Rinehart reports S Kidman & Co profit

Australia's largest landholder Gina Rinehart has reported a farming profit in the year following her acquisition of the S Kidman & Co empire.

The company, called Australian Outback Beef, owns more than 8 million hectares of cattle grazing properties it purchased for $386.5 million by Australia's wealthiest woman Gina Rinehart and her Chinese business partner Cred Pastoral.

According to reports filed with the corporate regulator the company made a $6.2 million net profit in its first year of operation.

It paid $7.5 million in taxes, according to Fairfax Media.

The financial report also records assets at $418 million in assets with only $29 million in liabilities

Hancock Prospecting owns 67 per cent of the former S Kidman and Co with partner Shanghai CRED having the remaining holding.