dogs of today! gems of tomorrow! vmg , page-15

While the downturn in the mining market in not something they can be blamed for (although you could argue they should have acted much quicker) the real concern is that they just dont seem to have any handle on their projects and contracts.

The financial accounts were only signed off less than 2 months ago. You would have thought that after the $5m bomb that destroyed FY12 that they (and their auditors for that matter) would have gone through all the projects, contracts and debtors with a fine tooth comb in a last ditched attempt to "bring out the dead". Yet 2 months later there is another $7m to $9m in writeoffs ? And the problem is that there can be no confidence that they have got right this time either !

Super tight controls over the costs and profitability of each project and contract is fundamental and yet every 2 months these guys have more surprises.