TIM 0.00% 4.4¢ timbercorp limited

'drought proof' h/sun281102

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    This is a brief summary of the article in the h/sun
    on 281102 by Geoff Easdown
    TIM says it has the cash and sufficient water reserves
    to withstand the drought

    Shareholders were advised the farms had ample water stocks to survive the summer

    xtra supplies @ $900 a megalite(1m litres) are being stockpiled for future use as against the ruling price of $1350

    Strong cash flows would continue from licence fees and mgmt charges paid by existing lot holders

    Annuity style earnings comprising licence fees,rent,mgmt charges harvesting and processing costs and interests totalled $48.2m up from $35.8m

    NPAT rose 3 per cent to $26.8m on total revenue
    of $106.5m

    New project sales rose 7 per cent to $46.7m

    Olive,almond and eucalypt trees owned by the group
    added a further $11m to the bottom line

    A $45m convertible pref share issue last december
    helped reduce gearing from 71.3 per cent to 34.3 per cent

    Net assets grew by almost 50 per cent to $202m

    Executive director Mr Sol Rabinowicz said revenue levels
    would grow even if the market turned flat

    Sol described TIM operations 'as like a shopping ctre developer but that unlike the developer we also run the shop for the retailer and continue to own the shop'

    TIM owns the trees,olive groves and almond orchard allotments
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