In Nov AGM, mr Walkem already know that 1st half wasn't as good as anticipated due to a contraction of iron ore price. But during AGM he said the company was on track to meet guidance although he knew that the first half was not good. YES, the company guidance still can be met if the projects & client payments are on track in 3rd quarter (Jan-March). If this happen, then he may say that first half was bad but 3rd quarter is strong, so guidance is still maintained.
But unfortunately there must be some delayed projects & payments in 3rd quarter, causing missed guidance. So, today's ann reverts back to a poor result in iron ore price back in mid-late 2012, which is true.
4th quarter may be strong... and all the delated projects should be posphoned into 2014 financial year + new contracts, as mentioned. Still believe commodity is strong for the next few years, then $0.095 is a bargain.
AZG Price at posting:
9.5¢ Sentiment: Hold Disclosure: Held
