Ann: Kobe Auction Result and Sales Update, page-157

My back of the envelope calculations have the NPAT for the half year at $10-$13m (or about 3 cps) based on announced revenues and last year's costs, Full year NPAT about $25m-$30m (or about 6 cps).

There will be some noise around SAGRA (valve changes in the oysters in the water go through P&L) which I haven't attempted to calculate.

50c would be nice but believe that a cyclical agricultural stock with higher sovereign risk is not going to trade a high p/e. 50c would be a p/e of circa 8 (assuming my earnings calculation is anywhere near the mark). Given ASX average P/E is I believe (from memory without checking) is around 14 gives a much higher price.

Suppose we just have to wait until the release of the accounts to see what the NPAT for the half year is. And how wrong my back of the envelopes are....

GLTAH, Definitely not financial advice, DYOR, IMHO

Best BSP