Ann: Half Year Accounts , page-2

A better first half than I thought coming in at NPAT of $3M and eps of of 5c giving a pe of 5.5.

However it gets even better due to the "usual" way these accounts are produced which do not give a "true and fair view" IMO. How the auditors can say so I assume can only be because of how the accounting standards are written. The accounts do need a more detailed look because of various Standard changes since 1 July 2013.

The accounts show NTA of 75c/share but when you add another 18c for the realisable value of gold held plus another 18c for the market value of TBR shares (as opposed to equity method and with an sp of 235c at 31 December) gives an NTA of 111c.

The value of the TBR holding in the 6 months went up by $11.2M or 18c/share which is not reflected in the balance sheet. You could say RND is now on a pe of 2 (yes two) especially as the TBR investment since 1 January has gone up a further $9.5M or 15c/share.

Yes there issues with RND but this co has now cleared its debt, has a very promising JV with NST, is very profitable and with gold has the best commodity to hold at present. A current pe of "2" and NTA of 111c is way too pessimistic