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Profit a 50/50 bet for some

ONLY 10 of the 20 companies ranked from 61 to 80 in the Business News list of publicly listed companies made a profit for the 2000/2001 financial year.

The top five profit producers from this group of companies in order from highest to lowest are: Bunnings Warehouse Property Trust $16.54 million; Tap Oil Limited $10.02 million; United Overseas Australia Limited $6.22 million; Sipa Resources International $4.29 million; and Perilya Mines $3.73 million.

The best performers from the top five profit makers when comparing previous and current financial year operating profit/loss were Sipa Resources International, which recorded an increase in operating profit of 113 per cent, and Tap Oil, whose operating profit rose $1.99 million an increase of 24 per cent.

The strongest performers in this area were Mermaid Marine Australia Limited with an impressive jump in operating profit of 1788 per cent (from an operating loss of $210,000 to an operating profit of $3.51 million) and Imdex Limited, which recorded an increase in operating profit of 226 per cent (turning an operating loss of $1.04 million into an operating profit of $1.77 million).

In terms of market capitalisation, the best performers on the Business News list according to Deloitte Touche Tohmatsu’s list of WA’s top 150 companies were Sipa Resources International, Mermaid Marine Australia Limited and Tap Oil.

Of these companies Sipa Resources International enjoyed the best growth, as its market capitalisation increased by 153 per cent from $15 million to $38 million. Sipa’s share price increased from a 2001-year low of five cents to a year high of 19 cents to now be trading at 31 cents, further improving its market capitalisation this year.

Mermaid Marine’s market capitalisation improved by 106 per cent, from $31 million to $64 million, and Tap Oil’s market capitalisation increased $100 million to $215 million, an increase of 87 per cent as of December 31 2001.

The five biggest losses recorded by companies on the Business News list were: Energy Equity Corporation Limited $29.19 million; Adultshop.com Limited $17.37 million; Voicenet (Aust) Limited $16.98 million; Grange Resources Limited $12.89 million; and Concept Systems International Limited $10.73 million.

Of this group, Concept Systems International Limited experienced the greatest loss as it went from recording an operating profit of $1.04 million to an operating loss of $10.73 million, a turnaround of 754 per cent for the 2000/2001 financial year.

This loss was not the highest from the Business News list when comparing current and previous financial year operating profit/loss. Leading the way in this regard was The Gribbles Group Limited, which recorded a change of 1828 per cent as it slipped from a profit of $530,000 to a loss of $9.22 million.

But this loss did not affect The Gribbles Group’s market capitalisation, which increased by $150 million to $431 million, a 53 per cent improvement as the share price climbed from a 2001-year low of 72 cents to a year high of $1.03.

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