Looking on the bright side we have a healthy amount of tax losses to offset against future profits. The loss was down to the hedge fair value adjustment and other non-cash items which are behind us now. Even at high production costs they still managed to make a profit before the exceptional write-offs of AUD15m.
This year we should increase markedly on that if they control the costs and increase production.
Remember that any new buyers of the shares (and I picked up another 50,000 today) will be looking to the future and not dwelling so much on the past.
NGF Price at posting:
19.5¢ Sentiment: LT Buy Disclosure: Held
