That is a historical carry-over. At 31/12/23 they still had $114.2m of gross carry-forward tax losses to chew through, which they will no doubt use in full through the next 6 months.
It will be interesting to see Miningnut's views, but a quick analysis based on this half year, shipping rates, current prices and hedging book suggests they will have about $55m of "net" taxable income for FY24 on which they will actually pay tax on - leaving maybe a $17m franking credit balance at 30th June.
If correct, that would be sufficient to pay up to 3.0c per share franked dividend when they report at full year.
MGX Price at posting:
51.0¢ Sentiment: Buy Disclosure: Held
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