The net profit reported as 12 million was after the NON cash write downs of about 56 Million.
Myer still made 1 billion or so of sales at 30% margin
They may write down more this year and have a negative number.
But based on tax, They could possibly write down about 80% of the profit with more NON cash write downs.
I means Myer paid tax on 12m and not 68m, due to the deductions.
Just Minor tweaks to the Business management can make a massive difference to the Numbers.
A Contrarian Buy, page-124
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