Business Services Industry
Jury still out on ION's fortune.
Australasian Business Intelligence, November, 2002
Nov 26, 2002 (The Australian Financial Review - ABIX via COMTEX)
Australian automotive component maker ION is receiving mixed reviews in the investment community. As investors flee other small capitalisation stocks, sending the S&P/ASX SmallCap Index down 13.2 in the 12 months to November 2002, ION shares are up 25.9 over the same period. Nonetheless, the stock has declined recently on global economic concerns. The good news/bad news scenario also follows the recent acquisition of a contract to supply engine blocks for Holden's new V6-cylinder engine. Good news, but the company intends to fund the venture from cash flow, which will be tricky with $A29.5m shown in cash accounts for 30 June 2002. Many big institutions have bought the stock, and at its share price...
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