APCFY - Atlas Pacific Limited Message Board

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Non-Tech : APCFY - Atlas Pacific Limited

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To: Michael Graham who started this subject	9/7/2001 10:15:18 AM
From: Michael Graham	of 3

APCFY - Atlas Pacific Limited atlaspacific.com.au Financial Performance Following the release of the company’s half yearly results last Friday, I would like to highlight some of the significant financial achievements of the company over the last couple of years. We are pleased with the half year operating profit before tax of $3.1 million which is an increase of 52% over the net pretax profit for the corresponding period last year. Revenue for the reporting period to 30 June 2001 was $5.6 million, an increase of 24% on the corresponding period in 2000. If, as expected, the projected revenue for the full year that was made in March 2001 of $12.7 million is achieved, this will reflect a continued growth pattern for the company which is demonstrated by the following chart. To June 30, the company has sold 30,475 pearls for $5.3 million and a further 44,079 remain to be sold in September. These pearls, nucleated by our in-house technicians, are of significantly better quality than the pearls previously produced by contract technicians. Among them are some outstanding gold pearls which are expected to fetch a premium price. It is significant to recognise that the company’s net assets have increased from $8.2 million at the beginning of 1999 to $14.7 million as at 30 June 2001. This 79% increase in two and a half years is a reflection of the growth of the earning potential of the Group as it moves towards its full operation potential. This reflects the cost base of the assets rather than their realisable value which can be ascertained only at the point of sale. The company’s technical seeding programme continues to be an unqualified success and for the full calendar year 2001 the company expects to exceed its nucleation target of 150,000, set last year. The company has continued to perform well against all the commercial and operational criteria of pearl farming. We look forward to reporting further operating results of the company in due course.

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