This is such a good update - more clarity honesty and groundedness than 3 yrs of damn hubris and mis direction. We were heading for disaster and bankruptcy if we were still under D&A.
Precious cargo - wow what a turd of a gift Ashok has left for us. Reconsideration of selling the 10 centres - music to my ears - was desperately hoping that would happen Profits up with occupancy down - very commendable Contracts renegotiations - correcting prior wrongs no doubt
However the most important thing which stuck out for me was Daniel's comment on "These steps are critical in ensuring earnings improvements are durable and not reliant solely on top-line, “occupancy-led" recovery." - this shows the mindset is based on removing waste and not hiding behind high occupancy - when high occupancy inevitably returns - Mayfield would be absolutely killing it in profitability.
They didnt blamed anyone - forward looking and not in the rear view mirror. In contrast the first year of D&A was constantly blaming prior management for everything.
There are heaps of challenges ahead but I could breath easy because it definitely looks the right person in charge.
P.S - does Darren Misquitta and Lubna matta understand that the best way to get out of his imminent bankruptcy might be to leave Mayfield and Daniel alone and let some adults do the repair work on the disaster they have created ? Doubt it
MFD Price at posting:
41.0¢ Sentiment: None Disclosure: Held
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