Contrarian, Long-Term Horizon, Value, Special Situations
Contributor Since 2007
I forgot to publish this info when it came out a couple of weeks ago.
During August of 2012, MGG continued to experience growth in operations, including a new monthly high in revenues at our property division. MGG did not purchase any property assets during the month, but continued to dispose of "held for sale" assets, which is something of a first for our company in that the portfolio actually shrank slightly. We are still actively involved in researching a number of sizable property assets that we are looking to purchase, but there can be no certainty that we will be able to agree on acceptable terms for a transaction.
Division Pre-Tax Profit (Loss) Before Stock Option Expense
Certain highlights from the quarter include;
• Acquired $5,288,756 of investment property
• Rental revenues increased to $383,920 (excluding intercompany revenues of $62,914 from Mandal), a 0.2% increase over the first quarter of 2012
• Quarter end vacancies remained relatively constant at 4.47% vs. 4.03% of rentable properties in the first quarter
• Net premiums earned of $118,682, a 65% increase over first quarter 2012
• Incurred total insurance claims of $15,096
• Has grown to 73 total employees (65 Mongolian and 8 foreign)
The recent financials are continuing to move in the right direction. The book value is now $1.52 per share and continues to increase each quarter. Although there has been negative news about the political situation in Mongolia it has had no real effect on the company's business. However the negative news does have an effect on the share price because a negative perception is created in peoples minds.
Disclosure: I am long OTCPK:MNGGF.