Although Revenue for the year fell slightly (down 5.1%) , expenses were reduced by a greater amount (down 7.9%).
Allowing for Outside Equity interests TIM has managed to increase it Net Asset base by a very healthy 46.9% to a total of $196 million and declare a fully franked dividend of 2.5c
Not a bad effort after what for TIM was not as good a year as they had hoped for. Hopefully they will place more emphasis on marketing their bluegum schemes in the coming yer where they are likely to achieve greater success after last financial years transition to legislated encouragement of that product.
This makes the net Tangible Asset backing per ordinary security 74.9c up from 65.4c and net debt falls from 71.3% to 34.3%.
Good cash reserves also.
Looks good for an excellent year ahead for another of the Bluegum Plantation Managers.
Cheers
TIM Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
