edshan, i will look at your numbers later but a quick perusal of the report I came to an entirely different conclusion. I can see they sold about 40% more this half than previous so your shipping costs doubling is way off . Shipping costs have gone up I agree but not double , this is why they are shipping 30k lots vs 10 and 20k. Furthermore if you look at realised price and recognize last half was the lowest from a realised pricing point of view for the last 2 years and the comparative period had some of the higher AUd impact on realised prices, last half was low due to combination of lower. Zr price and higher AUD . Both have completely reversed . AUD now 71 vs 78 for last quarter and we know what TI and zR are doing . Moreover the costs of production ( not yet sold ) which was 1/3 of last quarters production also significantly skews the profit figures . You can’t simply make a claim theY are much less profitable without taking inventory build into account and you really need to look at current position plus outlook i know your comment on inventory , but by recognise it in terms of real underlying operational profitability is important. It’s the same way we shouldnt extrapolate the profit in a quarter they make 110k sales for example. Even if I totally minus your creditors figure ( 13m) and say cash and inventory is 72 Net not 85m . An amazing starting point for a EV of 110 and cash flow of circa 80m
IMA Price at posting:
17.5¢ Sentiment: Buy Disclosure: Held
