Does anyone really study the economic situation in Mongolia? Another “empty” newsletter from the chairman with cryptic and deceptive data. When will they stop providing figures in local currency? We all invested in Canadian and American Dollars (OTC). Tell us the truth about the operating performance in Dollars. All dividends will be distributed in dollars anyway. I prefer to use American dollars since they have been less volatile and provide better base.
“Total billed revenue for May 2015 was 262.7 million Mongolian Togrog, as compared to 257.0 million Mongolian Togrog in May of 2014 ”
Now lets compare this performance in dollars based on their corresponding currency exchanges USD/MNT for those dates.
2014 total billed revenue – $144,219 USD (May 1,2014 exchange rate 1782 = $1)
2015 total billed revenue- $134,373 USD (May 1,2015 exchange rate 1955 = $1)
Do you think it is selective data? A one time occurrence?
May 1, 2012 exchange rate– 1305 MNT= $1
May 1, 2013 exchange rate– 1428 MNT= $1
May 1, 2014 exchange rate– 1782 MNT= $1
May 1, 2015 exchange rate– 1955 MNT= $1
Today’s exchange rate — 1974 MNT=$1
Does anyone see a Pattern?
And to claim they are cutting costs– the corporate secretary’s fiscal compensation for 2014 was $339,046– Really? with every board member receiving $50,000 last year. What was their contribution? Do any of them own MGG property in UB? Do they rent from MGG property — NO THEY DO NOT. I know this for a fact. The board members that live in Ulaanbaatar are renting from different companies, realtors, developers. Nick, Jim Gwen, etc… where do they live. I know exactly where.
Roadshows, conferences in Hong Kong, Singapore, Omaha-Nebraska, traveling around and for what?
I am disappointed that they released Mr Byrne. I also had hopes that someone in real estate will finally provide value.
I am too disappointed to continue writing more about their crap.
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