I am interest in this stock because price is history...

I am interest in this stock because price is history low.

resource look good.

mining output look good too.

their cost/sale price on presentation look good (cost around $50, export price ~$100)

but on their 2011 statement:
- revenue = 50mil (sold 0.8m ton, what is sale price???)
- cost of sales = 47mil !!!!! OMG
other cost:
-- Finance cost = 11mil ( can cut down to 3mil in 2012)
-- impairement = 11.8m (can remove in 2012)
-- Depreciation = 4.3m (stay same in 2012)
-- Other expense = 23mil !!! ( can reduce to 9mil in 2012)

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so let try work out 2012 profit:

Sale = double output = 100mil
Cost of sale = 75mil (base on 25% gross profit margin)
-----------------------
Gross Profit = 25mil

Finance cost = 3mil interest on load
Depreciation = 4.3mil
Employee = 4m (was 2.5 on 2011, need hire more staff)
Director = 3m
other expense = 2m

---------------------
EBITDA = 25-16.3 = 8.7mil

No TAX because they lost money in previous year.

Possible Error:
- Gross Profit margin may changed (eg, Bought in Coal is HUGE cost in their statement)
- do 2012 still have "prepaid borrow cost"?
- do 2012 still have 9.8m consultant cost ?
- do 2012 still have any impairement cost ? (2011 = 11mil)


overall their gross profit margin is too small, they need higher export quality coal, domestic sale price is too low and can't make profit.