Quarter on quarter, the trend continues. Safety metrics increasing (other than NIM), and NPAT continues. Each half of accumulating profit should decrease our risk.
And $6m NPAT, even with receivables increasing from $1.1b to $1.2b? The increase meaning the accounting rules forcing some up-front write-offs?
I don't see it stated explicitly, nor Net Assets or Debt levels to confirm it. But I expect to see Net Assets showing +$6m. Either as cash or reduced debt.
Corporate debt (and associated penalty fees) was reduced recently, so maybe that explains how we kept NPAT at $6m even when the account rules would be forcing some up-front provisions (higher provisions due to growth, reduced penalty fees on the corporate debt).
But a question: receivables +$100m, but undrawn facilities -$200m. A facility was not renewed? $6m accumulate profits should help that a little (letting us contribute more equity towards any facilities).
Half yearly report probably due end of Feb, to see the financials and where the profit went.
MME Price at posting:
8.6¢ Sentiment: Buy Disclosure: Held
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