minara u boat is surfacing, page-5

this is what huntleys work out the balance sheet, as a matter of fact , it is not bad at all for the last 6 months, and don't forget mre paid 5 cents div in March too, plus this 5 cents now paying in September would be 10 cents in six months, the best yield stock in asx at the moment.........plus the ceo confirm the production will be around 30k tone for the year, the highest production since.............the stock is just too cheap...........



MRE's 1H05 headline NPAT fell 86% compared to the pcp to $16.5m. The pcp included non-recurring profits of $84.3m while 1H05 had non-recurring losses of $25.0m. The losses stemmed from bi-annual maintenance shutdown costs, asset writedowns and provisions. Adjusted NPAT was 32% higher at $41.5m on improved nickel prices and slightly lower output.

Adjusted EBITDA was up 17.4% to $57.8m on a stronger margin of 23% due to higher nickel prices. EBIT was up similarly by 41% to $42.1m. Net operating cashflow fell 19.0% to $41.9m.


Adjusted EPS rose 31% to 8.8cps and an interim 5cps unfranked dividend was declared, in line with 2H04.


The balance sheet remained sound with net cash of $76.8m