Financial results in quarterly report look impressive, but...

Financial results in quarterly report look impressive, but actually not.

EBITDA is $6m in Continental Coal South Africa Limited (74% interest), should read as $4.5m to CCC.

Looking into the 2011 annual report, there are huge other expenses occurred in CCC,

Finance expenses - $11m
Director fees - $6.4m
Employee related - $2.5m
Consulting fee - $9.8m
Depreciation - $4m

CCC will break even if Continental Coal South Africa Limited making EBITA at $45m. That's long way to go.