Where Felix Resources go from here much depends on the half yearly results, and comments by the companies Chairman and MD on the second half year ending 30th June 2009.
The fourth month, October, was reported as the companies best ever and since then their appears to have been a switch, to some degree, in greater sales of thermal coal and a reduction in PCI coal sales. We must wait for the 2nd Quarterly results out at the end of January and half yearly towards the end of February, to confirm this.
Cash build in the first quarter was about $70 million and this MAY point to a half yearly profit, before tax, of around $120 - $150 million. The second half will be much more difficult for Felix Resources. Big gains on the currency front, but profits on PCI coal and semi-soft coke are set to tank badly. Probably best to listen to the facts from MD, Mr Brian Flannery this January/ February.
FLX Price at posting:
$8.50 Sentiment: None Disclosure: Held
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