Actually last years statutory profit was just under $15m ($14.8m).
Profit dropped 70% from $14.83m to $4.45m which means currently on an EPS basis we have a PE of nearly 18x at a 2.5c share price (EPS were 0.0014).
Not great reading- I appreciate all the hard work by staff and management but this SP is going nowhere unless we see a significant boost in the gold price - its a reality now for sure given operating costs are high to stay. We are just treading water.
Noting management had a nice increase in remuneration - up $50k for Graham to $300k , up $63k for Geoff and up around $30k for Sarah. Wish inflation hit my pay packet like that. Bit of extra cashflow with $1.6m in equipment hire to BCN by Graham and Geoff's company McVerde Minerals.
Also they took in around $2.88m in exercise of options and overall only paid out $3.8m in dividends for the year.
If this isnt a dividend stock now either then what is it? Its certainly not a growth stock. Forget all the forward looking plans for BCN including Timor or large project locally- it just doesn't attract investor attention which is what we need for sustained SP growth.
Food for thought, hopefully we can chisel out some gains back over 3c in the coming months but at a PE of 18x @2.5c now I'm not sure.
