Ann: Half Yearly Report and Accounts, page-3

M IKAJ Npat 3.9 M was not your prediction 70 to 90 M. you had some conditions but even in a very generous way I can not make all of these come to even 30 M. So now we have H1 2019 NPAT of 19 M adjusting for no December production 23 M. For year they had 80 M but 43 M of this, over half, was loan forgiveness so H2 operationally was 80 - 19 - 43 = 18 M 3 consecutive half's of down profits. Forget the plus side this is very bad. Who is going to pop any Champaign corks? Payment for PDF and accelerated Malaysia C&L depreciations are bigger next half. NdPr prices still remain stubbornly at USD 40 or below. What do you think profits next half will be still want to stay with 70 M plus? Say profits for year are AUD 20 M which is highly unlikely unless Nd PR soars to over USD 55. Then PE at $1.50 SP would be ( 150 X 700M)/ 20 = 52 How supportable is AUD 1.50 if markets continue to decline. I am changing my sentiment from Hold to Sell

For all run some comparisons on all halfs going back to H! 2018.