The results look reasonable to me (duck!) with the exception of increased costs which have blown out by 19%. While head office costs are coming down, and still have some way to go (flatted out at $440/place), wages growth (9.45%), "other" 9.84%), depreciation and R&M (53.57%), and training (432%, though not a large component overall) have subdued profit.
Net debt of about 38% is still more than manageable. ROE has come off about 2% which is not good and is now below market requirements. I suspect divvy will be maintained at 6c.
In any case, the market doesn't like it, though I'm not concerned about that as in this age the market doesn't like anything that's less than spectacular. The ST SP weakness is a great buying opportunity, imo.
GEM Price at posting:
$2.99 Sentiment: Buy Disclosure: Held
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