1) On 24 May 2010 company said "1st half profit was $1.15 million before tax and they had earned a "moderate profit in the four months to April". Outlook was described as positive
Yet they have just announce an after tax profit of $477,000 for 12 months. How do those number match.
This implies a huge loss in the last 2 months !
2) On 24 May 2010 They announced the recent issue was "fully underwritten from Martin Place securities" but immediately after they announce the shortfall the underwritting was cancelled. i.e one must only conclude it was never underwritten!!
Questions need to be asked about management in my view.
HMC Price at posting:
3.4¢ Sentiment: None Disclosure: Held
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