2 years ago they had $US13m in the bank, 1 year ago they had about $13m in the bank. They now have $16m in the bank, not really an outstanding performance.
They keep making huge looking profits, then have to write off past capital expenses (mine development) as a loss. They count 'mine development' as an asset, when it is a cost. If it wasn't a cost they would have far more money than they actually do.
If the cash balance actually starts to go up significantly, enough to pay a dividend, then I'll believe they are making money, but for years they have had only around $10-15m, yet have been showing glowing profits some years, then a huge write off, yet cash stayed around the same level.
It is not hard to work out who is making all the money with this mob, and it's not the shareholders.
MML Price at posting:
69.0¢ Sentiment: Sell Disclosure: Not Held
