No doubt this is a fantastic report, however it can't be overlooked about South Sea pearls price having reduced significantly at a recent auction. Earnings much greater than I had anticipated, but the company does allude to only doing special dividends due to the nature of price swings in pearl market, which may be reflected in 2H FY24.
Nonetheless, excellent report for 1H. NPAT margins are a surprise.
Ann: Appendix 4D and Half-Year Report, page-7
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