Mr maybe you need to swat up on the difference between a...

Mr maybe you need to swat up on the difference between a statutory loss and an underlying loss.
Anybody who had their wits about them in 2007 could have made a bundle buying not highly geared property trust stapled securites that were showing large statutory losses due to write downs in property values , which made shareholders panic and sell.
While the properties were written down in value the tenants kept paying rent and the companies still booked underlying profits as asset write downs do not affect cash flow
Similar situation happening with a number of mining contractors and small mining companies at the moment just swap the word tenant for offtake partner at the top left corner of the income statement .