I dont think you can make any guess about profitability from...

I dont think you can make any guess about profitability from these statements.

First thing -- debt went up

Second, there is no P&L statement, only cash balance. So CKA's management are true to their nature -- crooks who wont tell the truth

Third, there is clear evidence now that SJ / PD's big comments on coal quality is simply not true. BBM coal is high on ASH, and the only way to fix it is to to have a coal washery --- Washeries aint cheap. So that means -- MORE CAPEX and until then - COAL WILL BE DISCOUNTTED AT A HIGHER %

Fourthly, or is it what I was suspecting? Eddie wants a 10% cut in the price, not 6% so now comes the ASH is high comment to skim more money from the minorites?

Fifthly, Over Burden Removal will be atleats USD75/ton -- I have modeled it so I know (from details below) . OBR removal is a real cash cost -- but a coal miner can just capitalise it on the balance sheet and depreciate this cost over several years. The impact of that is that the P&L profits look better than the actual cash flow situation of the company. So back to the point -- you cannot guess profitability based on these financials.