News wrap: Nexus --------------------------------------------------------------------------------
Friday, 16 March 2012
Nexus Energy gets rapped by brokers after posting first-half loss; Nexus
Even though it was a mixed result for Nexus, which posted an underlying loss after tax of $A15.3 million for the first half, it has got the rap from brokers with the Commonwealth Bank of Australia retaining its "sell" recommendation.
The Australian Financial Review reports that CBA had forecast a net profit of $1 million, whereas the company posted a net loss. The differences related to higher-than-expected production costs, depreciation and amortisation charges and finance costs.
CBA said that even though the development of the company's Crux project in the Browse Basin was positive, the delay in developing the resources, capped any upside potential.
CBA downgraded its price target to 13 cents.
broker "sell" target 13c, page-3
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