23 December 2005
	AltX: coal retailing & mining WESCOAL By Michael Coulson

Could be worth accumulating Ord price: 55c PE ratio: 9,5 Market cap R57m 12-month high 90c; low 52c Six months to Turnover Rm Operating profit Rm Pretax profit Rm Headline earnings per share (c) NAV per share (c) Sep 04 109 5,7 5,6 4,1 5 Mar 05 85 2,6 2,5 1,5 2 Sep 05 98 4,1 4,1 4,3 9 *Mar 06 214 18,3 10,6 7,8 n/a *Mar 07 245 21,0 12,2 8,6 n/a % chge (10) (20) (27) 5 80 Trading vol 12-month average ('000): 330/month © Financial Mail *Prospectus forecasts for 12 months. Wescoal, listed in July after a placing at 50c, says domestic and industrial coal sales were hit by the warm winter, and the strong rand prevented any export sales, which were worth R18m and earned a gross profit of R1,4m the previous year. But HEPS benefited from a tax charge that fell to R166 000 from R2,07m, thanks to assessed losses at Wescoal Mining, which has been consolidated since July and is showing its first profits. Wescoal is confident it will meet its prospectus forecasts. 23December2005