Ann: Half Year Accounts to 31 December 2018, page-28

It is very much as expected. If you read my posts from a while back you will see my predictions have been (after 9m operational cashflow within the September quarter) -1 or -2m operational loss for December quarter, 2m op. profit for March quarter and 1.5m op. profit for June quarter with a return to Smarts mining within the September quarter meaning September and December quarters 2019 should again see 9m op. profit.
I was surprised the quarterly turned out better than expected. Now with detailed finances we see that Troy had 7.xm op. cashflow within the second half of 2018 (spot only 9m for September and 1-2m loss for December). The quarterly was better than that because they increased trade credit.
BTW, Troy is hedge free now. And a large chunk of trade credit is owed to the Guyanese government, a party very much interested in having a successful miner at Karouni. And trade debt may be lowered by A$4m in tax refunds allegedly owed Troy by the government.
The report gives a bad impression at face value because of the asset write-down. If you climb a mountain don't look down.
The value of Troy rests in OC which in turn will unlock the underground resources, Goldstar and new exploration at Gem Creek (where already 1km and 2km anomaly targets have been identified). All of that is not in the figures.
The working capital deficit is 14m compared to 24m 6 months prior. After the SPP and after cashflow from this quarter the deficit will be 4-5m and within July or August it will disappear when Smarts mining resumes.