MGX 1.32% 37.5¢ mount gibson iron limited

Ann: Quarterly Activities Report, page-7

  1. 10,580 Posts.
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    Fairly close to what I expected with the $29mil in provisional pricing adjustments really belonging in Q3. They didn't take 50% of Sea Porteus into Q4 as expected - sounds like they've changed the accounting rules on partially loaded shipments as it was at least 40% loaded prior to midnight on 30Jun.
    They've started paying corporate tax again so have used all their tax losses but it was only $2mil which doesn't generate enough franking credits to pay a franked dividend. And it looks like the losses are commencing again in Q1 with only limited shipments. Couldn't find a hedging result for Q4 - flat?
    Impairments yet to be quantified will push the second half of FY24 into a loss situation but overall they should be able to report a profit for FY24 given the strong first half.
    The cash operating costs of $84mil for Q4 were extreme to say the least - the wheels have definitely fallen off here.
 
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