It's a "statutory" net loss. You've got to remember that includes non-cash expenses like property depreciation. You want to state this as being as high as possible to reduce tax obligations.
"The Trust’s operating earnings for the financial year were 1.86 cents per unit, which was above the guidance range of 1.65 to 1.80 cents per unit, driven primarily by foreign exchange movements during the period." Great!
If I would bet on the way things will go regarding the AUD, I predict it will fall before it rises against the USD. It's too high as it is and costing Australian exports so I expect efforts will be made by the Reserve Bank to stop it going higher. Indeed that is the what economists have been saying lately.
If this happens then future USD income by MIX will result in increased revenues when they are translated to AUD.
Otherwise:
Cost of debt and leverage reduced and debt expiry lengthened. New leases achieved. Another year down and the weighted average lease life stable.
No distribution being envisaged for FY13 so that debt can be further reduced and I'm ok with that. But I definitely expect distributions to be made thereafter.
Overall I'm happy with the results and I think the share price will react well soon.
MIX Price at posting:
10.5¢ Sentiment: Buy Disclosure: Held
