So, one could quite easily mount a defensible argument that the second-half result is understated by between 12% and 15%.
It's always nice to get nice results but it's not the numbers themselves that always impress me with these guys, it's that they're so easy to understand (the numbers that is). There's no need to sit there and unpack a statutory result to reach management's version of a normalized profit. They tell the story in as few words as necessary and make it totally clear. Their presentation format hardly ever changes. That you were able to provide your usual complete analysis of the company's performance on HC in less than two hours after the release of their report to the ASX is testament to their honesty and simplicity.
Having said that about their second-half result, I'm not sure that the shipping problems are going to leave us in a hurry.
SDI Price at posting:
$1.02 Sentiment: Hold Disclosure: Held
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