Ann: Appendix 4C - quarterly, page-2

An interesting report. Clearly this is a race to the bottom.

Like-period revenue for the quarter has reduced by 40% (FY 19 to FY20) and cost of production has halved. I can only assume the contract-production has not happened and brewery production has all but ceased. Staff costs are less than a third on last year which clearly reflects the reduction in head-count in the hospitality business (operations now outsourced), yet Administration costs remain high - reflects the CEO salary, interest on debt and leaseholds, I imagine.

As always, no helpful commentary from the company (keep them in the dark and feed them s...) so nothing new here. The CEO has sold 10% of his shareholding and trousered nearly $1m - nice work if you can get it. Self-preservation and self-interest clearly winning the day here.

Seems like the ASX has lost interest and so have the shareholders.