Thanks for processing these data Tim.Your result (price/momme...

Thanks for processing these data Tim.
Your result (price/momme doubling vs H1 23) seems also logical based on the indications given in their 2023 annual report.

So, the question is whether all this projected price increase will go directly into the profit before tax :
- of course, it depends on the volume of pearls sold, which was flat in FY 23, so probably reasonable assumption to expect flat sales volume,
- it will also depend on the pearls size (the company said that it stabilized recently),
- there will probably be some cost increase, but it may be offset by the increase of gross margin (like in FY 23),
- AUD/JPY is also at a similar level than last year during the same period.

Also interesting to compare the figures of September auction (based on Hotcongo figures) with Q1 23 figures.
Total proceeds from September auctions (4.71 m USD or 7.3 m AUD) corresponds to an increase of 40 % vs Q1 23 revenues, while Q1 24 revenues will also probably be completed by other revenues.