re: Ann: Unity announces $9.1M Net Profit for... Seems great on...

re: Ann: Unity announces $9.1M Net Profit for... Seems great on the surface, depends on the digging.

Quote: The second half is anticipated to deliver a full-year production outcome toward the top end of our 40,000–50,000 ounce guidance range. The Company has retained its strong cash position, has no debt, and remains well placed for the future” said Mr McIlwain. End Quote

SO? 28009 oz first half and 2nd half maybe only 22000 max?
Does this indicate a lack of ore?

When I read the half yearly I find several facts interesting eg Accumulated Losses of 339mil IMAGINE if this had been invested at 4% only someone would still have the capital plus gained interest makes UML a poor investment overall.

What happened to Kangaroo Flats and Bendigo... I haven't time to read backwards but were these like NAV, LMC AAM etc did the ore just evaporate?

Cash increase over the half year about 2.3 million only

Current Assets approx 50 mill (cash + receivables)
Liabilities 13m Total Liabilities about 28mill, leaves maybe 20 million.

I like to view these companies as in flux and wonder what would really be left if the ore disappears.

Corporate expenses up 900k this half year???

If thing are good why does management need a 50million share buyback. Even at 14cents this would cost about 5mill WHEREAS a one for 4 consolidation has a similar impact (reduces shares on issue to about 128 mill) and then a 4cent per share dividend costing about 5million (less than the buyback) gives holders about 7% dividend (based on a share price of 56cents)