Interesting to note today that MGX announced a FY Net Profit of $157.3m which was down -2.9%. The 2nd half was boosted by a stronger iron ore price and a weaker A$. FY13 Sales revenue at $852.9m up 32%. They expect FY14 Iron-ore sales of between 9m-9.5m tonnes and annual savings of over $50m. Final dividend 2c.
With MGX having 1.09 Billion shares outstanding these results make for interesting reading when BCI have 1/10 of the number of shares on offer. This is the masterstroke of our former boss MY. He avoided dilution at all costs and got into production.
BCI should soon announce both EPS and ROE numbers that will be the envy of all but a few resource companies, both small and large. This should naturally feed into a healthy dividend.
Ahh, the anticipation.
peer comparison
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