A few things stand out ...I don't have a position in JAG right now and am debating whether to jump in at this point or wait for tax loss selling later.
Looking for a silver lining in these results two things stand out:
- the cash cost per ounce was negatively affected by currency, as the real strengthened. The attribute $116 of the increased cash cost to this. So, at least a substantial portion of the cash cost increase isn't related to poor management.
- the increased expenditures to Craete represented +$56.3M over the previous year's investments. In the absence of this, YTD gross profit would increase from $9.6M to $65.9M. With Craete up and running, this company should now be profitable, no?
Am I putting lipstick on a pig or does this make sense?
franz