As a pearl producer they seem to know their business.

As a profitable asx company a variable record they have a variable record. For the most part they are a price taker being the wholesale price of pearls. Non auction sales seem to attract better pricing about $300 each in the March quarter x the Bali auction. The may be addition cost associated with the non auction sales.

production excluding the 130k by product sales is 400k pearl's. With annual costs of.$20m you get an average cost of non my product pearls of $50 each. Last auction was $66 average would have been Lowe if the cheaper lots had not been withdrawn.

A lot depends on the strategy of diversifying away from audition sales to more direct methods.

Second half will be very modestly profitable unless they have a good June auction. Share price is down ahead of auction which is a bad sign about mooted recovery.

GLTAH