Just having a deeper look into the half yearly result.
The WA business put in a good effort with a profit of $4.4m, $300k higher than the previous result.
But two interesting aspects are Marc and PSI. Marc's profit $114k against last years of $1.75m. Management have re-iterated that they can see a turnaround with capex's coming through.
PSI's losses continue (817k) against ($654k).
Interesting Note from the half yearly:
Note 10. Intangible Assets: "On 1 Oct 2009 the Group acquired an additional 2.88% of interest in PSI for $1,115,678 taking the company's total shareholding to 72.48%".
The board and management must have massive faith in PSI, it drained $817k for 6 months and they just topped up with another 2.88%.
Let's hope that one day soon we see the benefits.
P
AEC Price at posting:
$2.54 Sentiment: None Disclosure: Held
