Unfortunately there's a big difference between 'tax expense' and 'tax payable'. All tied up in 'deferred tax assets' on the Balance Sheet. They said in Note 5 in the Dec23 accounts that they still had $114mil in gross carried forward tax losses and they won't be using all of these losses in the current six months, so there won't be any tax payable at 30Jun24. And it's hard to see that they would you earnt enough in profits during Jul/Aug to be in a tax payable position when they report FY24 results in late Aug. There well might be a more confident statement from them as to when dividends are likely to commence at FY24 results reporting time.
MGX Price at posting:
45.5¢ Sentiment: Hold Disclosure: Held
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