"Ouch, what a shocker!" Not really. It's not so much what this...

"Ouch, what a shocker!"

Not really.

It's not so much what this announcement says, but what it doesn't say.

And what it omits to mention is that the previous corresponding period including a JobKeeper credit of $3.26m and a forex loss of $1.0m, so net non-recurring items of $2.26m, which is clearly a very material number in the context of $4.58m in NPAT in that period.





Stripping out the tax-adjusted impact of that NRI credit (so $2.26 * (1-30%) = $1.58 m
at the NPAT level means that, excl. NRIs, DH2020's Underlying NPAT would have been:

UNPAT = Reported NPAT $4.58m less NRIs of $1.58m = $2.90m

It is against this underlying NPAT figure that the $2.5 m to $3.0m NPAT for DH2021 needs to be compared.

In which case, it is not nearly as bad as the headline numbers seem to suggest.

(In fact, for what it is worth, I had a $2.5m NPAT figure derived from my modelling.)

,