Sorry folks, I'm not feeling the 'love' overthese results. They have been coated in treacle by the one off capital gain onthe sale of property and I worry about that FX loss of $4.365m (but am unsureon its impact since it has been deducted from a reserve). I hope someaccountant can explain its impact. I'm figuring it is the impact of the Primebusiness in USA going against us as the AUD strengthened.
After adjusting for likely tax on the capitalgain, I make normalised NPAT just $3.26m or 2.58 cents per share. I would havethought the Prime deal would have kicked us much further down the profit roadthan this.
No interim dividend is a bit of a bummer. But the announced buy back will put a ceiling under the SP.
Ann: Half Year Results Presentation, page-10
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