fy09 results presentation ..., page-13

Maybe it's just me and my understanding, but would people seriously try and differentiate between a OPERATING LOSS and a DEVALUATION of property.

$3.6 bil "loss" by devaluation me bugger all in my mind. I mean if they still have positive income, pay the liabilities then the rest is going to be reversed in time.

Let's hope all the journos ramp CNP just as hard when the property portfolio appreciates in value. Would love to see "CNP profit increased by $5.7 bill". Yes I know that's flawed but only as flawed as count devaluations as a loss.