A private family business involved in a huge court battle over mining royalties earned $140m of revenue in the year to June, with a further boost from the rising value of its landholdings. DFD Rhodes — owned by the heirs of iron ore prospector Don Rhodes — holds farming and property interests, but mining royalties are the company’s biggest cash stream. The business’s revenue was roughly steady at $140m in the financial year, according to financial records filed with the Australian Securities and Investments Commission. That cash predominantly flowed from iron ore royalties. Mr Rhodes founded DFD as an earthmoving business in the 1930s and the company is now led by chief executive Matthew Keady. The Rhodes result follows a whopping $236m profit for Wright Prospecting, and $5 billion at Gina Rinehart’s Hancock Prospecting. The three families have been battling it out in court over iron ore royalties stemming from the decades-old partnership agreements of their founders. DFD Rhodes’ financial records also revealed profit had lifted 16 per cent to $96m. The company was boosted further with a big revaluation of its freehold land assets, contributing to comprehensive income of $133m. The company owns close to 40,000 acres of farmland and is among Western Australia’s top producers of wool and lamb. Its property assets include Perth industrial land and span as far as the United States. The West Perth-based family office paid $27m of dividends to about 10 living children and grandchildren, adding to $33m in the prior year.