You win one, lose one: Lev Mizikovsky’s other company doubled H1 profit
Brisbane businessman Lev Mizikovsky has had a tumultuous start to the year, with one of his companies announcing a profit downgrade while another says it has more than doubled its half-year profit.
Lev Mizikovsky is the founder of home builder Tamawood (ASX:TWD), which yesterday said half-year profit would drop 12 per cent, and the chairman of sunscreen maker Advance NanoTek (ASX:ANO), which claims it has boosted its half-year profit by 105 per cent.
Stockhead reported this week on a bizarre announcement from Tamawood, which outlined seven reasons why its half-year profit was slashed and eight reasons why it is “well placed to ride out this perfect storm”.
Later on Monday, Advance NanoTek told investors that based on unaudited management accounts for HY19 it had made a profit of $1.6 million, up from $607,000 for HY18, accrediting it to “significant growth in the sales of XP Powder, with one customer ordering six times more than volume of orders from the prior year”.
“The board would like to also commend our production staff and management for achieving this amazing result despite three weeks’ production loss due to transfer of equipment to combine smaller facility in Perth,” Mr Mizikovsky said.
It sent the shares up four per cent, to $1.02, the stock’s highest point since August.
The company posted a $3 million profit for the 2018 financial year.
Mr Mizikovsky has been busy trading his own stock of late, purchasing $442,216 worth of Tamawood shares in December in three separate parcels.
He is also involved with three other listed companies, those being AstiVita (ASX:AIR), Collection House (ASX:CLH) and SenterpriSys, which is listed on the National Stock Exchange (ASX:NSX), the number two of Australia’s three equity markets.
He led the charge to have three board members of Collection House removed late last year and the remuneration report comprehensively defeated.