The result is more significant than the announcement lets on....

The result is more significant than the announcement lets on. Look at the asset balances and you will see what I mean:

1. Although only 252k recorded profit, current and and non-current assets stayed steady from jun-14 period (~change of around $100k) however liabilities dramatically dropped. Current liabilities dropped ~$2million dollars, mostly in trade payables and non-current dropped ~$2.2million, most of which was financial liabilities (debt).

This change in net assets is extreme, a shift of approximately 5-6c/share.

2. The bulk of the 'current' liabilities change was listed in the breakdown as costs of sale, which essentially means the margin was far better than the company has let on for sales portion only.

3. The bulk of non-current liabilities was achieved on a 'income statement' basis from amortization of assets, paying off debt and paying off out-standing individual loans to contractors.

You might ask why they wouldn't brag about this, and the reason is simple, its that they did these things to reduce the tax expense (completely legally) such that next half may yield an even nicer surprise.

Disclosure: I don't hold, just had a flick through this announcement.