In round numbers and my estimates and opinion only:
$5 million profit for the half - GOOD
Paid $3 million in tax for the half - GOOD (nobody WANTS to pay tax, but you are only pay it if you make a profit)
No interim dividend - VERY BAD
The Beijing Kesheng loan assigned to a third party. For around 120,000,000 RMB. That is about 23 million Australian dollars. 80% of this is due in ten days (from signing, which was 29 Aug) and the remainder in 30 days, by my reading. I don't have the figures to hand but I think that this represents a discount to the amount that WMC was due to receive starting 31 Dec this year. However it does provide certainty. $23 million boost to the coffers should be a positive!
GOOD or BAD ? Probably GOOD.
What do others think? This company really is a conumdrum!
In round numbers and my estimates and opinion only: $5 million...
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