There output for the month wasn't as strong as I would have...

There output for the month wasn't as strong as I would have liked. Interesting if they keep making 20M operating surplus over 4 quarters this should translate to a handy profit.

Operating income of 80M then deduct admin costs, capex, depreciation , development costs and finally taxes......i would presume something in the order of:

80 million (operating surplus) - 32M depreciation (non cash)-8 M development- 6M = 34Million before tax

throw in tax = nett profit of $24 Million or 12cents per share

at 1.54 this gives us a p/e of 12 I think reasonably cheap considering their next 2 quarters should be stronger as the Marina hiccups should be overcome.