I note a basic hammer and tong company producing a product that is cheap and easily copied will need cash for the shipyard work cover. Cash flow is a problem due to lag time so... unless the banks lend cash a further capital raising is on the cards. Also the blame for strong aussie dollar is mentioned BUT not hedging arrangement which were ONLY mentioned when the dollar dropped to cover them because it DIDNT HELP due to hedging!! IE FOREX LOSES so help us! The backlog of work has dropped dramatically in spite of only 2 shift now. At lease the number of employees has also dropped and their hours worked. Basically they had better get thrifty with elec labour and "big boy " costs of the VERY well paid management to break even. Not good!
MCE Price at posting:
70.5¢ Sentiment: LT Sell Disclosure: Held
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