1 day ago - Mining entrepreneur's private company lifts annual profit by 28 per cent. ... Wednesday, 31 October 2018 7:16PM ... Gina Rinehart’s sprawling iron ore and cattle interests have delivered her private company Hancock Prospecting a 28 per cent surge in annual profit to a massive $1.37 billion.
The company’s annual report lodged with the Australian Securities and Investments Commission late yesterday revealed Hancock had posted annual revenue of slightly more than $6 billion, up 36 per cent on the previous year....
Yes Gina is smiling,
Revenues up from $4.5B to $6B
Profits up massively to A$1.37B
Roy hill profits up strongly from $331M to $558M
"The company also revealed for the first time that its acquisition of Atlas Iron would be used to complement and extend the minelife of its Roy Hill operations. It also disclosed the total cost of acquiring Atlas, once the compulsory acquisition process was complete, was expected to be $418 million"
Thats 4.35c per share average acquisition costs.
On market sellers from 2c to 4.2c got dudded.
AGO will become a strategic asset integrated with Roy Hill using her rail lines which will tenfold boost margins from 2% to 20% on A$970M pa revenues ~ $200M pa profits.
This values AGO at a PER of 2.2 rather than 13.9 now, its worth 29c a share to her,
Weve been had!
The fat lady is singing, all the way to the bank!
