I haven't been able to find figures on how much income was coming from the two Southern Cross Towers before they were sold in 2015. The drop in income was masked in the FY16 because of the net gain from sale of assets but they would be felt in full effect in FY17.
I've tried to make a guess of the drop in income based on comparing FY15 figures and FY16 figures:
Property rental income $'000
FY15 : 39,493 FY16 : 33,490
Share of net profit of investments accounted for using the equity method $'000
FY15 : 56,029FY16 : 44,076
The towers were sold half way through FY16 which means that the difference in income for an entire year would actually be double what we see here. That means FY17 would see figures of ~ 27,000 for rental income and ~32,000 for share of net profit. This is a total reduction in income of $36M. If this was right then after expenses the earnings would be close to nothing.
Am I way off here? Does someone have a more reliable way to work out earnings for the current financial year?
BPA Price at posting:
$6.44 Sentiment: Hold Disclosure: Not Held
