Just some points from the last 3 years accounts from...

Just some points from the last 3 years accounts from TBR/RND

2009

TBR/RND Combined NPBT $13,836,042 NPAT $8,441,066

Gold on Hand at on P/l $4,168,228 at cost

$6,991,541 at 30/6/09 spot price $1,161.55


2010
TBR/RND (I think is now consolidated in TBR accounts)

NPBT $23,612,324 NPAT $19,309,081

Gold on Hand $23,633,987 at cost

$53,398,876 at 30/6/10 spot price $1452.00


2011
TBR/RND Consolidated accounts

NPBT $18,327,733 NPAT $9,901,300

Gold on Hand $55,389,557 at cost

$83,586,891 as at 30/6/11 spot price $1420

$98,891,520 at today's price of A$1680


So while the NPAT for TBR/RND has gone from
$8,441,006 in 2009 @ a 30/6/09 spot gold price of A$1,161.55 to
$9,901,300 in 2011 @ today's spot price of A$1680,

the increase and value of the gold we have on hand has gone from
$6,991,541 to $98,891,520

Almost an increase of some $92 MILLION DOLLARS

So what is our real or proforma net Profit????

No problem with management trying to reduce tax, just want them to explain why they report this way and tell shareholders what their intentions are !!!

Cheers