The annual report states that at the end of the 15/16 financial year, they had profit reserves of 6 million dollars. Not a lot! However, there will be earnings this year, as well as profit from the result of the AIO transaction which will at least guarantee dividends for the 16/17. The question to be answered is: where to from there? My guess is that dividends will be cut again. I foresee the next dividend being reduced from 5c to 4c. Not a great time to be cutting dividends when so many people are looking for income.
I also hold WAX with 51 million in profit reserves!! What's that say about management?
Profit Reserves
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