Ann: Administrators commence recapitalisation process, page-73

If you want to look at it like that, A40's mine was also making a profit for most of the year (purely on a $/t cost compared to $/t sold... which is how you've presented the argument for GXY)... problem was for A40 not enough was being sold. A40 was also paying a lot of 1 off costs as you call them (plant upgrades, drilling, merger fees, etc.)

...need to look at the whole picture. Do they have more or less cash in the bank at the end of each of the last 4 quarters? All that matters.