I presume that the five year tax free holiday expired around May this year and they now have to start paying Corporate Tax at the rate of 30% in quarterly instalments.
But we will be seeing the full tax expense in the accounts from this half year onwards - if in fact there is any profit which looks doubtful.
It's difficult to find this info and Management definitely haven't been forthright in disclosing the actual situation which doesn't inspire an investor to build a large position here.
I also wonder if the production guidance for 2016/17 will be adjusted downwards next month.
MML Price at posting:
46.5¢ Sentiment: Hold Disclosure: Held
