The NPAT of 11.9m is based on alot of NON- CASH writedowns,
That means IMO that the 40m write down of a dud brand took 40m straight of the TAXABLE net profit.
Or mabe they Pay tax on the 67m and then write down the 40m off the books, Im not sure as Im not a Corporation Accountant.
But the Net profit was 67m prior to Myer writing down 55m in a few things that would be a one off, meaning they dont need to re-write that same 55m off again next year, because it got wrote off ONCE, and that dosnt need to ever be wrote off again.
So there is a big of smoke and mirrors in the Bullish case as well as the bearish case for assesing the annual Report.
Its not all that Great, but its not all that Bad either. If she takes more of a Dip I will grab a bit more.
MYR Price at posting:
63.0¢ Sentiment: Buy Disclosure: Held
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