hanlong mining, page-7

Hey Lion,

Not only delays but have you seen the profit and loss statement for Dec 10?

I am willing to hear conflicting views but is it only me that sees a GROSS LOSS? I haven't looked closely but I thought the margin on the iron ore sold was something like 100%? Being a company that adopts the accrual basis of accounting I would have thought at least a profit? So what is this company talking about with margins?

Are they not bringing to account real inventory value? Maybe they invoiced Hanlong (major customer) after 31 Dec? Strange, very strange!

This company is not even breaking even on the production of iron ore based on the Accounts.

This is a joke, please someone tell me that I have missed something major or I just don't understand financials.

:)
Nic