Business
Correction : Final Results
Correction : Final Results.
About this update from Sylvania Platinum Ltd.
[{"type":"text","content":"\n \nThis announcement replaces the earlier announcement released today at 14.27,\nthis is due to some character corruption in the balance sheet and cash flow\nstatement. No other changes were made.\n\n\n\n For Immediate Release\n\n 25 April 2007\n\n SILENTPOINT PLC \n\n (\"Silentpoint\" or \"the Company\") \n\n Preliminary results for the year ended 31 October 2006 \n\nSilentpoint today announces its results for the year ended 31 October 2006.\n\nHighlights:\n\n * Profit before tax : £27,470 (2005: £131,687);\n \n * Earnings per share 0.12p (2005: 0.66p);\n \n * Cambrian Oil PLC acquires 22 per cent. in MEO Australia, an emerging LNG/\n methanol producer;\n \n * Cambrian Oil PLC acquired by AIM listed Xtract Energy since the period end;\n \n * India Star Energy PLC continues to develop its platinum, palladium and\n uranium assets; and\n \n * Net cash of £424,676 as at 31 October 2006;\n \nFurther Enquiries:\n\nSilentpoint plc \n \nSmit Berry Tel: 020 8656 4648\n \nHaresh Kanabar Tel: 020 7297 0010\n \nJohn East & Partners Limited Tel: 020 7628 2200\n \nDavid Worlidge/Simon Clements \n\nChairman's statement\n\nI am pleased to present our results for the year ended 31 October 2006.\n\nThe Company made a profit for the period of £27,470 before taxation (2005: £\n131,687) but after allowing for a non-cash provision for £129,360 for\ndiminution in the value of certain trading shareholdings. The pre-tax profit\ntakes into account gains from share disposals and interest receivable on the\nCompany's cash balance. After funding share buy backs, net assets at the year\nend were £1,373,661 (2005: £1,466,295), which includes net cash of £424,676\n(2005: £633,715).\n\nLast year we cautioned that the market for natural resource companies would\npolarise in favour of those companies which were at production stage and away\nfrom those that were at exploration stage. The reduction in profit before tax\nreported for this period is mostly due to the fact that the market prices for\ntwo of our significant shareholdings in this sector stood at a low point at the\nend of October 2006.\n\nIn line with Silentpoint's previous conservative policy, we do not revalue\nupwards our holdings in shares until disposal but hold these on the balance\nsheet at the lower of cost or net realisable value. For example, shares in\nIndia Star Energy Plc w...