no debtgross profit margin 40%substantial on going improvement...

no debt
gross profit margin 40%
substantial on going improvement over last 6 months
derivative losses only downside?

ongoing development with potential for more upside


Revenue of $57 million
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40% gross profit margin
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$35 million cash balance at period end and debt free

Cash flow from operating activities of $20 million
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$7 million increase in cash; $10 million invested in development and exploration and $3 million in plant and equipment
Jabiru Metals Limited (Jabiru) is pleased to release its financial report for the half‐year to 31 December 2009 (the Half‐year). The report includes comparative financial results for the half‐year ended 31 December 2008 (the Comparative Period).
Jabirus reported $4 million after tax net loss includes $23 million of losses on derivative financial instruments related to the Companys hedge programme. At 31 December 2009, $19 million of mark‐to‐market derivative losses remained unrealised and therefore a half‐year profit of $15 million would result if these were excluded from the profit measure.
Revenue of $57 million is 86% above the Comparative Period driven by improved throughput, better ore grade and higher metal prices. Cost of sales of $34 million is 37% below the Comparative Period reflecting improved cost control at the more mature Jaguar operation. This resulted in a Half‐year gross profit of $23 million representing a margin of 40%.
Cash flow from operating activities of $20 million for the Half‐year is a significant improvement over the Comparative Period.
The cash balance increased by $7 million during the Half year to $35 million. Jabiru also invested $10 million on its development and exploration projects and $3 million on plant and equipment.